Fortescue Metals' (ASX:FMG) unit, Fortescue Future Industries Technologies, completed a strategic investment in Hyterra (ASX:HYT), acquiring a 39.66% stake in the hydrogen firm worth AU$21.9 million or AU$0.034 per share, according to a Dec. 6 filing with the Australian bourse.
Proceeds will be used to expand an exploration drill program at the Nemaha project in Kansas, Hyterra said in the filing.
Further, the two companies executed a strategic alliance agreement to advance the development of Nemaha and explore the potential for additional projects for naturally occurring hydrogen, also known as white hydrogen, the filing said.
Hyterra's shares were down more than 2% in recent Monday trade, while Fortescue MetalsFortescue Metals' shares shed almost 3%.
Price (AUD): $0.04, Change: $-0.001, Percent Change: -2.44%
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