By Giulia Petroni

E.ON SE and Australia's Fortescue Future Industries Pty. Ltd. said Tuesday that they signed a memorandum of understanding to jointly supply and distribute hydrogen from renewable sources in Europe.

The companies plan to deliver up to five million tons a year of green hydrogen to the continent by the end of the decade. They will work in collaboration with the German and Australian governments.

"This historic partnership marks E.ON's and FFI's broader ambition to lead the decarbonization of Europe and to strengthen security of green energy supply at a time when Europe needs to reduce its energy dependence on fossil fuels from Russia as quickly as possible," the companies said.

Fortescue Future Industries is fully owned by resources company Fortescue Metals Group Ltd.

Financial details of the partnership weren't disclosed.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

March 29, 2022 08:24 ET (12:24 GMT)

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