The Fortescue Metals Group Limited (ASX: FMG) share price is up by 4%, adding to the gains it has seen over the past couple of weeks.
Since 15 March 2022, Fortescue shares have risen by 20%.
The iron ore miner is rising amid the increase of the iron ore price overnight. According to Commsec, the iron ore price went up by 0.4% overnight to US$150.88 per tonne.
Changes in the iron ore price may impact the Fortescue share price as it’s one of the world’s biggest iron ore miners.
Fortescue isn’t the only miner that is seeing gains today. The other iron mining giants in the S&P/ASX 200 Index (ASX: XJO) are also up. The BHP Group Ltd (ASX: BHP) share price is up 3% while the Rio Tinto Limited (ASX: RIO) share price is up by 2%.
Further green hydrogen progress
Earlier this week, investors learned that the green division of Fortescue, called Fortescue Future Industries (FFI), had signed a large green hydrogen deal in Germany.
FFI and energy giant E.ON signed a memorandum of understanding to partner and execute on the ambition to deliver up to five million tonnes per annum of green, renewable hydrogen to Europe by 2030. The Fortescue share price has risen 6% since the announcement of this deal.
FFI said:
This historic partnership marks E.ON’s and FFI’s broader ambition to lead the decarbonisation of Europe and to strengthen security of green energy supply at a time when Europe needs to reduce its energy dependence on fossil fuels from Russia as quickly as possible. Five million tonnes per annum (mtpa) of renewable GH2 is equal to approximately one third of the calorific energy Germany imports from Russia.
Both companies will work together, in collaboration with their governments, regarding how to achieve supply as fast as possible. This will help to decarbonise thousands of medium-sized enterprises all over Germany and the Netherlands, as well as other European cities and communities to which E.ON distributes energy, according to FFI.
The post Fortescue share price jumps 4% higher appeared first on The Motley Fool Australia.
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More reading
- Are these ASX 200 mining shares in trouble?
- The Fortescue dividend was paid today. Here’s the lowdown
- Fortescue Future Industries just inked a multibillion-dollar green hydrogen deal in Germany. Here’s the lowdown
- ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal
- Why is the Fortescue share price paused?
Motley Fool contributor Tristan Harrison owns Fortescue Metals Group Limited. 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 Bruce Jackson.
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