Mark Hutchinson, head of Fortescue's green energy arm, has reaffirmed the punchy target of producing 15 million tonnes of green hydrogen a year by 2030.
"It will be a mix of partnerships and developing projects ourselves," he told an investor briefing on Thursday.
"There is a wall of money out there waiting for projects," he said, after talks with potential customers on offtake agreements.
Shares in Fortescue fell 50 cents, or 2.1 per cent, to $23.23 in afternoon trade.
Mr Hutchinson, outlasting a rollcall of senior executives quitting the group in recent times, said the board expected to make five final investment decisions by the end of 2023.
One "fairly advanced" development is a proposed green hydrogen project located in Arizona, which is Fortescue's first big move since the passage of US laws backing new energy investment.
Phase one will have an 80 megawatt electrolyser and liquefaction facility capable of producing up to 12,000 tonnes of liquefied green hydrogen annually, which could displace 10 million gallons of diesel consumption per year.
First production of green hydrogen from the Phoenix Hydrogen Hub project - acquired a week ago - is promised by the middle of the decade.
Fortescue is also working with fertiliser and explosives company Incitec Pivot on green hydrogen and ammonia production at Gibson Island, an industrial area in Brisbane.
"These are complex projects - we are competing for capital," Mr Hutchinson said.
The company is rebranding Fortescue's global green energy division as Fortescue Energy, which will comprise Fortescue Future Industries (FFI) and WAE Technologies.
Unaudited operating expenditure for big-spending FFI was $US440 million ($A645m) for FY23, exclusive of expenditure incurred on behalf of Fortescue Metals for decarbonisation, according to a production update.
"The group will continue to invest in green metals, green energy and green technologies, supported by our strong balance sheet and disciplined capital allocation," Fortescue chief executive Fiona Hick said.
But the core of the business remains iron ore, with shipments of 48.9 million tonnes in April to June contributing to record shipments of 192 million tonnes for the financial year.
She promised another record-breaking year ahead, with shipment guidance of up to 197 million tonnes for FY24.
Ms Hick said "recovery in China has been uneven" but added she was "cautiously optimistic".
Inventory levels in Chinese ports were low and demand continued to be strong for quality products and consistent supply, she said.
Iron Bridge operations in the Pilbara region of Western Australia are ramping up, while the Belinga iron ore project in West Africa has had its first ore loaded and delivered to port during the quarter.
Iron ore exploration in the Pilbara included resource definition drilling in the Eastern Hamersley with a focus on Nyidinghu and Mindy South.
Other exploration activity in Australia is focused on copper, including in South Australia.
Fortescue's cash balance increased to $US4.3b ($A6.3b) at June 30, from $US4b ($A5.9b) at March 31.
Full financial results for FY23 will be released on August 28.
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