Fortescue, known for its iron ore and green energy ventures, has begun construction on a $150 million green hydrogen project in Gladstone, Queensland. The PEM50 project, scheduled to commence hydrogen production in 2025, involves a 50-megawatt (MW) capacity split into two stages. The first stage, a 30MW electrolyser plant, will precede a potential 20MW capacity expansion in the second stage, subject to water infrastructure upgrades. While Fortescue has scaled back some of its hydrogen ambitions due to high electricity costs and limited demand, the company remains focused on green hydrogen initiatives. Fortescue's goal of reaching 15 million tonnes of annual green hydrogen production by 2030 necessitates substantial electrolyser and renewable capacity expansions. Despite facing challenges in the electrolyser market, Fortescue's CEO expressed unwavering commitment to driving down power costs and promoting green hydrogen as a critical global energy solution. The company's dedication to advancing green hydrogen aligns with its vision for sustainable energy transformation and economic growth.