Australian green energy and metals company Fortescue said it would increase its energy investments to advance green hydrogen projects next year despite last week’s announcement it would shed 4.5% of its global workforce, Reuters reports.
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The company intends to bring its metals and green energy businesses back together after they were separated last year amid an exodus of senior executives.
Fortescue recently announced it would reduce its global workforce and was unlikely to meet 2030 targets for green hydrogen production.
Despite market analysts suggesting Fortescue was slowing down its hydrogen developments, the company said it would initially focus on four green hydrogen projects in Australia, the United States, Norway and Brazil.
Fortescue plans to boost capital expenditures at its energy division to $500 million—up from initial forecasts of $300 million.
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Shares in Fortescue fell by 2.7%, outpacing smaller losses among other Australian miners, with the price of iron ore dropping below $100/tonne.
