About $550 million will be used for developing an electrolyser and liquefaction facility in Phoenix.

The Vancouver-based miner’s dramatic repositioning comes at a good time for investors.

A study of 293 companies found that nearly 60% of those are at risk of "net zero greenwash" due to their lobbying.

"Fortescue is taking its global pipeline of green hydrogen and green ammonia projects to final investment decision," Fortescue Energy CEO Mark Hutchinson said.

Deals were signed in areas such as new energy equipment manufacturing, metal material production and financial services.

Exxon's expansion into the sector will rely on one or more of a so-far unproven fleet of direct lithium extraction (DLE) technologies.

Geothermal Engineering is raising $737 million to produce low-carbon lithium.