Australia's richest man buys Williams F1 team's battery arm for £164m 1

Australia’s richest man buys Williams F1 team’s battery arm for £164m

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Australia’s richest man buys Williams Formula One team’s battery and tech arm in £164m deal

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The mining company owned by Australia’s richest man has snapped up the battery and technology arm of the Williams Formula One racing group for £164million.

Fortescue Metals will buy the unit, which is based in the Oxfordshire town of Wantage, to help it reach its green targets.

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One of the first projects to be developed will be a battery-powered freight train.

Green targets: Andrew Forrest (pictured), founder and chairman of Fortescue Metals, has snapped up the battery and technology arm of the Williams Formula One for £164m

Green targets: Andrew Forrest (pictured), founder and chairman of Fortescue Metals, has snapped up the battery and technology arm of the Williams Formula One for £164m

It will also use the technology to adapt other heavy industrial equipment and haulage trucks. 

Fortescue – which is buying the Williams division from EMK Capital and Williams Grand Prix Engineering – is aiming to be carbon neutral by 2030.

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Andrew Forrest, founder and chairman of Fortescue with a £13billion fortune, said the company had ‘scoured the world for battery technology’.

He added: ‘It’s great to win a Formula One race but we’re all in a race against climate change.’

Forrest said it will integrate Williams Advanced Engineering into its clean energy unit, but keep its base in Oxfordshire.

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