Forge helps ocean minerals leader power ‘green transition’
As the call to abandon fossil fuels heats up, companies are looking for new solutions to meet the demand for green technologies and renewable energy storage products. One rapidly growing sector that provides a promising reduction of our environmental footprint is the electric vehicles industry (EV).
However, in order to electrify the global vehicle fleet, hundreds of millions of new tons of nickel, cobalt, manganese, and copper will be required to build the batteries. At present, we need a massive injection of these metals into the supply, otherwise, this resource gap will slow the green transition and hinder our ability to electrify billions of vehicles and expand other renewable energy sources.
DeepGreen Metals, Inc. (DG) — a private company focused on sourcing metals for a more sustainable future — has an innovative solution that could supply the green transition with the resources needed to power the EV industry, and other energy storage applications.
DG has exploration rights, issued by the International Seabed Authority (ISA), in two areas of the Pacific Ocean. This region is called the Clarion Clipperton Zone (CCZ) and contains more than one billion metric tons of polymetallic nodules that are rich in nickel, manganese, cobalt, and copper. Sourcing these critical minerals from ocean nodules, according to DG, will result in a fraction of the social and environmental impacts that are associated with getting these same metals from land-based mines.
The company will lead the collection and production effort of these materials in conjunction with strategic partners such as Allseas and Maersk Supply Service.
To help power this solution, DG hired Forge — a liquidity solution, settlement and custody partner to a wide range of companies and investors in the private markets — to streamline the financing process as part of a larger investment round. Backed by VCs such as Tim Draper and Peter Thiel, Forge will leverage technology to streamline the financing process for the world’s most thoughtful entrepreneurs.
“We are working with Forge to have a seamless, secure process and to allow individual investors to participate in our latest financing round and to provide them with the opportunity to help us secure the resources society needs for the green transition,” says Gerard Barron, DeepGreen’s Chairman and CEO.
Forge looks forward to working with DeepGreen to help streamline future financing efforts.
