KoBold Metals, a mineral exploration business backed by billionaires such as Jeff Bezos and Bill Gates, announced on Thursday that it would commence drilling for crucial elements used in electric vehicles in Greenland.
Last year, KoBold, which searches for raw minerals using artificial intelligence and machine learning, acquired a 51 per cent share in the Disko-Nuussuaq project on Greenland’s west coast, which is run by London-listed Bluejay Mining.
Drones will be used to conduct a high-resolution magnetic survey of the area, and the joint venture expects to drill a total of 3,000 metres this year to depths of 150 to 400 metres, where the metals are found.
“The objective is to target massive nickel, copper, cobalt and platinum group metals,” Bluejay Mining Chief Executive Bo Steensgaard told Reuters.
Price of Nickel has increased by more than double earlier this month in the aftermath of Russia’s invasion of Ukraine, which prompted Western sanctions against Russia. Nickel is used in stainless steel and electric vehicle batteries. Russia provides around 10 per cent of the world’s nickel requirements.
“The recent unfortunate geopolitical developments clearly show that the Western world needs new deposits of these critical metals,” Steensgaard said.
Breakthrough Energy Ventures, a climate and technology fund supported by Microsoft co-founder Bill Gates, Bloomberg founder Michael Bloomberg, and Amazon founder Jeff Bezos, is one of KoBold’s main backers.
“Fully electrifying the global economy is our generation’s greatest challenge,” said KoBold CEO Kurt House.
“To accomplish that lofty goal we must accelerate our efforts to find the key materials for the electric vehicle revolution,” he said.
KoBold raised $192.5 million last month, which will be used to find crucial minerals.
Other KoBold investors include Andreessen Horowitz, a Silicon Valley venture capital firm, Equinor , a Norwegian state-controlled energy corporation, and Ray Dalio, the founder of Bridgewater Associates, the world’s largest hedge fund.
(Adapted from Latestly.com)