Fortescue chair Andrew Forrest wants the miner to make 15 million tonnes of green hydrogen a year by 2030 by separating it from water using renewal power.
Meanwhile,Woodside is pursuing green hydrogen as well as blue hydrogen,made by extracting it from gas and either burying or offsetting some or all of the substantial greenhouse gas emissions.
Forrest has labelled the process a fake clean fuel used to greenwash by fossil fuel companies.
Meridian Energy and Contact Energy launched a search for a partner in June 2021,a year after Rio Tinto announced it would close its Tiwai Point aluminium smelter mainly powered by a Meridian hydroelectric plant.
The promise of a large source of ready clean power attracted more than 80 businesses that were narrowed to four in February:the two Australian companies,the Japanese trading house Mitsui and a subsidiary of German specialty gas company Linde.
Woodside and Fortescue’s plans have been complicated by Rio Tinto reversing its exit decision meaning there could be a three-way bidding war for the hydropower.