“That’s why founders start companies and why investors invest in companies in the first place,” Grok said in January. “Once operational, Sun Cable will generate energy to provide renewable energy to various projects in Singapore and the Northern Territory.”
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Sources close to Sun Cable’s former board but not authorized to speak publicly on the matter say Forrest has his eyes on using renewable electricity from Sun Cable’s proposed solar farm to make green hydrogen — a form of hydrogen produced using electrolyzers powered by renewable energy. The clean fuel splits water into hydrogen and oxygen. Fortescue Future Industries, the green energy arm of Forrest-backed iron ore miner Fortescue Metals Group, is proposing several green hydrogen projects across the country, including in the Northern Territory.
Tattarang and Grok declined to comment on Thursday.
Cannon-Brookes, the co-founder of software giant Atlassian, bought an 11 per cent stake in Australia’s largest power company AGL last year and successfully blocked a proposal to break up its coal-fired power stations, instead forcing the board to speed up the closure date of the plant.
Forrest, founder and chairman of Fortescue Metals Group, is leading a multibillion-dollar drive to diversify the iron ore mining giant into green hydrogen.
The Forrest family’s Squadron Energy also became Australia’s largest renewable energy owner after striking a deal to buy CWP Renewables for more than $4 billion.
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