Australian mining giant Fortescue has pulled the plug on a $210 million factory already under construction in Michigan, citing the curtailing of clean energy tax credits in Republicans’ recent budget bill, according to a report late last week.
“Current policy settings and market conditions in the United States, including recent changes to critical tax credits, have created significant uncertainty around the viability of long-term investment in advanced manufacturing,” a Fortescue spokesperson said in a statement to Crain’s Detroit Business, which first reported the news.
Following a “comprehensive review of the economics, logistics and deadlines to meet our ambitious decarbonization targets,” Fortescue decided to cancel the project, according to the spokesperson.
Details: Fortescue, which has leaned into its clean energy portfolio in recent years, announced plans to build the U.S. Advanced Manufacturing Center in 2023 at a former Fisher Body plant in Detroit. The company planned to employ 600 people to produce batteries, hydrogen generators, EV fast chargers and electrolyzers.
