DeepGreen Metals, an EV battery metals maker, mentioned on Thursday that it is going to be acquired by blank-check agency Sustainable Alternatives Acquisition Corp in a $2.9 billion deal.
The deal will include a $330 million personal funding from buyers together with Allseas, including to the checklist of current strategic buyers akin to Maersk Provide Service and Glencore.
Vancouver-based DeepGreen intends to provide metals from polymettalic rocks, present in deep oceans, to be used in batteries that can energy electrical autos.
The corporate’s companions embody Danish shipping firm Maersk and Swiss offshore drilling firm Allseas Group SA.
Sustainable, a so-called particular objective acquisition firm (SPAC), raised $300 million in an preliminary public providing in Might final 12 months.
SPACs are shell corporations which increase funds to pursue an acquisition at a later date. It serves as an alternative choice to a standard IPO for corporations seeking to enter public markets.
The mixed entity will probably be listed beneath the brand new ticker image “TMC”.
Nomura Greentech and Citi are the monetary advisors to DeepGreen and Sustainable respectively.
(Reporting by Sohini Podder and Rithika Krishna; Enhancing by Shailesh Kuber)