Adds details on project, background from paragraph 2
Dec 15 (Reuters) – Australia’s Fortescue FMG.AXon Friday said it received 200 million euros ($219.3 million) from the European Union (EU) for its Holmaneset Project, a flagship green ammonia plant in Norway.
The plant aims to capitalise on the Norwegian transmission grid’s surplus renewable energy and ship the resulting green ammonia to domestic and European markets, the iron ore miner said in a statement.
The company is currently targeting the plant’s construction to commence in 2025, and operations in 2027, pending final approvals from the board.
It has also significantly stepped up investments in renewable projects amid a global decarbonisation push, but that has led to an exodus of high-level management and raised investor concerns.
($1 = 0.9120 euros)
(Reporting by Ayushman Ojha; Editing by Varun H K)
((Ayushman.Ojha@thomsonreuters.com;))
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