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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."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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