Jacobs Pens Deal With Fortescue Future Industries For Decarbonization Projects

Jacobs Solutions Inc J inked an Engineering Partnering Agreement (EPA) with Fortescue Future Industries (FFI) to aid its global ammonia, green hydrogen, and renewable energy project targets.

The contract is for three years, with two one-year renewal options. 

As per the deal, Jacobs will aid FFI on several decarbonization projects from concept through Final Investment Decision (FID).

"With a portfolio spanning 25 countries and ambitious plans to move to a decarbonized future, FFI will benefit from our global footprint and integrated programmatic approach to accelerate their energy transition efforts. Further, it aligns with our commitment to respond to climate challenge impacts holistically, rather than each market in isolation, especially when it comes to green energy and power," said Patrick Hill, Executive Vice President, and President of People & Places Solutions.

Earlier this month, the company completed the underground infrastructure engineering for the PacWave South project in Seal Rock, Oregon. 

Last month, Jacobs expanded its partnership with Palantir Technologies Inc. PLTR to enhance Palantir's AI capabilities to commercialize new AI solutions across various verticals.

Also, Jacobs reported second-quarter FY23 revenue growth of 6.4% year-over-year to $4.08 billion, beating the consensus of $3.83 billion, and recorded an EPS increase of 149% Y/Y on a GAAP basis to $1.70. 

Price Action: J shares are trading higher by 0.087% at $115.14 on the last check Tuesday.