By Rhiannon Hoyle

Australian miner Fortescue Metals Group Ltd. said it will buy a U.K. battery and electrification technology company for roughly $223 million.

Fortescue, the world's No. 4 producer of steel ingredient iron ore, said it has agreed to buy Williams Advanced Engineering, or WAE, from private equity firm EMK Capital and Williams Grand Prix Engineering Ltd.

"One of the first major projects to be developed will be a world leading battery electric train concept," said Fortescue, adding it will announce further details on that plan early this year.

Fortescue has been working closely with WAE since early last year to design and build a prototype battery system that could power an electric mining haul truck. That would be an important first step in the decarbonization of Fortescue's mining haul fleet, said the miner.

WAE will be managed via the miner's clean energy arm, Fortescue Future Industries, the company said. The deal is expected to be completed by the end of March, Fortescue said.


Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com


(END) Dow Jones Newswires

01-23-22 1650ET