The Fortescue Metals Group Limited (ASX: FMG) share price is up 1.4% as we head into the lunch hour.
Thatâs in line with the broader rally weâre seeing with S&P/ASX 200 Index (ASX: XJO) iron ore stocks today.
The Fortescue share price closed yesterday at $21.45. Shares are currently changing hands for $21.75 apiece.
Thatâs Wednesdayâs market action for you.
Now, hereâs the latest development with Fortescueâs green hydrogen ambitions.
A $593 million green hydrogen plant
In an ambitious project that could potentially boost the Fortescue share price longer-term, South Australia is forging ahead with its plans to splash $593 million on a green hydrogen plant.
As The Australian Financial Review reports, the plant, located in Whyalla, is slated for completion by December 2025. The rapid pace of development is intended to give the state and its yet to be determined operator âfirst moverâ advantage.
On completion, the project will deliver a 250-megawatt hydrogen production facility, a 200-megawatt hydrogen power plant as well as a hydrogen storage facility.
The project sounds almost tailor-made for Fortescueâs green arm, Fortescue Future Industries (FFI).
Indeed, FFI is believed to be -among several prospective companies to put in a bid to develop the project.
A spokesman for FFI did not confirm whether or not the company had submitted a bid.
However, they did say (quoted by the AFR):
FFI believes South Australia has a great opportunity to be a leader in renewable energy production. South Australia has an abundance of readily available natural resources for a renewable energy industry, including some of the best wind and solar resources in the country.
The spokesman added that South Australiaâs government is âproactive in setting ambitious but achievable targets for a renewable and green hydrogen industryâ.
Fortescue share price snapshot
As you can see in the chart below, the Fortescue share price has been a strong performer over the past 12 months, up 27%.
The post Fortescue share price marching higher as green hydrogen plans heat up appeared first on The Motley Fool Australia.
Should you invest $1,000 in Fortescue Metals Group Limited right now?
Before you consider Fortescue Metals Group Limited, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Fortescue Metals Group Limited wasn’t one of them.
The online investing service heâs run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
See The 5 Stocks
*Returns as of March 1 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Are Fortescue shares back on the menu amid job cuts?
- Could buying Fortescue shares at under $22 make me rich?
- How can I hope to retire rich when the share market is falling?
- Will the Fortescue share price crash in 2023?
- Why Fortescue, Lynas, Myer, and New Hope shares are dropping today
Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/JqXV1E3
Stock Pick 