DeepGreen Metals Inc., a Vancouver-based producer of minerals used to make electric vehicle batteries, will become a publicly listed company after being acquired by Sustainable Opportunities Acquisition Corp. (SOAC) in a US$330-million deal.
Founded in 2009, DeepGreen sources minerals known as polymetallic nodules from the ocean floor, which are used to power electric vehicle batteries.
The company has exploration contracts in the Pacific Ocean’s Clarion-Clipperton Zone between Hawaii and Mexico. DeepGreen estimates its exploration zone has the potential to power 280 million electric vehicles.
SOAC, which is a special purpose acquisition company, raised US$330-million in what is known as a private investment in public equity, or PIPE, financing for the DeepGreen acquisition.
This is in addition to the US$300-million SOAC raised in its initial public offering in May, 2020. The new financing will give the combined entity a valuation of $2.4-billion, according to the company.
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