One of the world’s dirtiest industries could be about to lead the race towards a clean energy future.
Andrew Forrest’s Australian mining giant Fortescue has revealed plans to compete in Formula 1’s all-electric rival series, Formula E.
The deal is an expansion of Fortescue’s involvement in the sport through its decarbonisation program, Fortescue Zero, which has been the sport’s battery provider.
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Now Fortescue Zero will compete on track, going head-to-head with Porsche, Jaguar, Nissan and others in the race to make electric cars more exciting and advance the technology of batteries, motors and software.
A mining company may seem like an unlikely candidate for such a project but billionaire Fortescue owner ‘Twiggy’ Forrest has invested heavily in Fortescue Zero to promote decarbonisation as a priority for the industry.
A 240-tonne haul truck may seemingly have very little in common with the new Gen4 Formula E racing cars, but Fortescue Zero is using the same battery and ultra-fast charging technology across both, as part of its ‘track to truck’ initiative.
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Fortescue Zero is the evolution of Williams Advanced Engineering, a technology spin-off from the famous Formula One team, which Forrest bought in 2022.
Having played a largely behind-the-scenes role within Formula E since then, the time has come for the Australian company to show off what it can do on the global racing stage to further push its green messaging.
“For more than a decade Fortescue Zero has been the brains behind some of the groundbreaking technologies powering and transforming electric racing,” Fortescue Growth and Energy chief executive, Gus Pichot said.
“Now, we’re going to show the world how we can compete on the track as well.
“Progressing from the pit lane to the grid is the next chapter in our motorsports story. We’re here to race, to win and to innovate.”
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Travis Hester, Fortescue Zero Electromobility chief technology officer, said competing in Formula E will be a chance for the company to learn quickly and develop new, cleaner technology for both road cars and the mining sector.
“Formula E is pushing electric racing to another level, creating completely new engineering challenges,” Hester said.
“That is exactly where we want to be, at the front of the grid, solving difficult problems and finding the next competitive advantage.
“Motor racing allows Fortescue Zero engineers to design and develop technologies at the cutting edge of performance and efficiency. Battery, software and hardware technology is proven in the harsh environment of racing, then efficiency applications applied throughout Fortescue’s mining and energy portfolio, as well as Fortescue Zero’s automotive and defence customers.”
Fortescue Zero’s arrival into Formula E coincides with the introduction of a new generation of race car. The so-called Gen4 cars feature double the power of the previous racers, combating criticism that the sport is much slower than F1.
Some Formula E insiders have indicated this new breed of all-electric cars could be even faster around certain racetracks than the hybrid-powered F1 machines that have attracted so much criticism this season, from both drivers and fans alike.
“In racing every second counts, and innovations can be the difference between winning and losing. The same goes for decarbonising our mining operations,” Pichot said.
“We need technology that can operate at extremes and push the limits. Without motorsports as an incubator and proving ground, we would not be as advanced in our decarbonisation journey as we are today.”
Forrest’s expansion into Formula E, continues his portfolio of sporting interests, which includes ownership of the Western Force rugby union team and Super Netball outfit West Coast Fever.
His green energy company Squadron Energy is also the major sponsor of NRL wooden spooners the St George Illawarra Dragons, in a long-term multi-million dollar deal.
Forrest is the eighth richest person in Australia. According to Bloomberg he has a net worth of around US$25 billion ($35.12bn).