Fortescue’s British battery-making subsidiary has reported escalating losses, absorbing nearly $1 billion in funds from the Perth-based company since its acquisition in 2022. The company, previously known as Williams Advanced Engineering, sustained a loss of £72.6 million ($151.6 million) in the year leading up to June 2024. Fortescue is a global green energy and resources company. It’s focused on iron ore production, green energy, and technology.
The most recent loss represents a significant increase, more than tripling the £22.3 million loss recorded in the previous financial year. This surge in losses is attributed to substantial investments in research and development initiatives. These also encompass the establishment of new manufacturing facilities located within the United Kingdom.
These financial results highlight the ongoing investment phase for Fortescue’s battery division. The company continues to develop its technology and expand its manufacturing capabilities. Fortescue aims to become a major player in the green energy sector.
The deepening losses reflect the high upfront costs associated with establishing a competitive presence in the battery technology market. The company is committed to its long-term strategy despite these short-term financial challenges. Fortescue hopes it can deliver returns on its investment.
