Background: Fortescue Metals is the fourth-largest iron ore producer in the world. They launched back in 2003, but as we know, mining really ain't great for the environment.

What happened: Fortescue are actually one of the first mining giants to commit to net-zero emissions by 2030. And they've just made a big step towards actually achieving that goal: they've acquired Williams Advanced Engineering for around $309 million.

What else: WAE are the tech and engineering partner of the Williams Formula 1 team. The plan is for the acquisition to help Fortescue's decarbonisation efforts...and maybe even build an electric train? Either way, it's all because of Fortescue's innovation void in this space.

So what's the key learning? 

💡When a business sets goals for innovation, it generally takes one of two paths to achieve them:

1. Innovate these product in-house - and quickly (i.e fill the void internally)
2. Acquire a new or similar business that can do that innovation externally.

💡Fortescue's Future Industries division is aiming to eliminate the use of diesel across the company's iron ore biz. But here's the problem: Fortescue has an innovation void to fill when it comes to battery expertise.

💡By acquiring WAE (who are all about the battery tech), Fortescue is filling the void...and hopefully reaching its net-zero goals on time.