Australia, Fortescue settle dispute over hydrogen factory funding

It ensured that the $66m investment has been retained in Queensland.

Australia’s Queensland state and Fortescue have reached a confidential settlement over a dispute regarding the previous state government's funding for Fortescue's electrolyser factory in Gladstone.

Whilst confidential, the settlement ensures that the state's US$47m (AU$66m) investment has been retained in Queensland for Queensland taxpayers.

This includes the transfer of the project land, electrical substation and associated common-user infrastructure, together with other agreed arrangements.

The settlement recognises the assets and infrastructure remaining in Queensland and allows both parties to move forward.

(US$1=AU$1.39)