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Mining The Seas To Make Cars - DeepGreen Raises $150 Million

Kitco News

Macquarie Capital and Fearnley Securities raised $150 million last week for DeepGreen Metals and Allseas, a strategic partnership, that plan to mine seafloor polymetallic nodule deposits containing nickel, manganese, copper and cobalt.

The $150 million funding will finance the company through feasibility studies, targeted for completion in 2023.

Allseas comes in as a lead strategic investor, which will ultimately enable DeepGreen to develop a state-of-the-art polymetallic nodule harvester and riser system to gather nodules from the seafloor of the Clarion Clipperton Zone (CCZ) in the Pacific, and transport them up to a surface vessel some 4 to 6.5 kilometers above.

"Our partnership with Allseas will ultimately help us open up a new, disruptive source of battery metals for the green revolution and transform the mining industry as we know it," said DeepGreen’s Chairman and CEO, Gerard Barron.

"Allseas is a company founded and owned by a creative engineer, and today employs 600+ full time engineers with more than 200 engineers working in the innovation and R&D function."

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