Williams Advanced Engineering, a technology focused spin-off of the Williams Racing Formula One team, has been acquired by Australian iron ore producer Fortescue Metals Group (FMG) for $220m.
The deal sees the Formula One team relinquish their remaining stake in WAE, having sold a majority share to EMK Capital in 2019.
Once the deal closes in late March, FMG will own 100 per cent of the shares in WAE.
WAE, whose operations includes the production of high end batteries, will be vertically integrated into FMG’s green energy business and will be managed via the specialist Fortescue Future Industries (FFI) sustainable technology division.
It is hoped the acquisition of WAE’s battery technology will help FMG meet its goal of reaching net zero carbon emissions by 2030 via improvement to its freight trains, hauling trucks and other industrial equipment.