Fortescue to Announce Battery Manufacturing Facility in Detroit

Fortescue Metals Group Ltd. is planning to manufacture electric-vehicle battery systems and components at a Detroit facility in the latest move by the iron-ore titan to diversify into green energy.

The company will do the work at an existing 400,000-square-foot plant to supply its fleet of electric ore-mining trucks, Mark Hutchinson, chief executive officer at Fortescue Energy, said during an interview in New York on Tuesday.

Cost estimates weren’t disclosed but Hutchinson said federal tax credits and incentives from the state of Michigan will support the project.

Read More: Fortescue Says Investors Welcomed Decisive Moves on Executives

“We will ...