Bill Gates and Jeff Bezos-backed firm to pay $15 mn to hunt metals for EVs

KoBold Metals, a mineral exploration company backed by Bill Gates, Jeff Bezos, former New York Mayor Michael Bloomberg and Bridgewater Associates founder Ray Dalio, has entered into a joint venture with London-based mining firm Bluejay to search for nickel, copper, cobalt and platinum used in electric vehicles on Greenland.

KoBold will spend $15 million through 2024 to help Bluejay locate natural resources as part of its Disko-Nuussuaq project in Central West Greenland.

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"The Disko region has seen the rare convergence of events in earth's history that could have resulted in forming a world-class battery metal deposit," said Kurt House, CEO of KoBold.

"We are excited to invest in Greenland's emerging mineral sector and to partner with Bluejay in light of their strong track record in Greenland and the outstanding potential of the Disko project," he added.

Copper, nickel, cobalt and lithium are some of the key metals required for EV battery production. As a result, demand growth for nickel from EVs is expected to increase 14 times between till 2030.

Around 50% of the world's cobalt, another key material for EV manufacturing, is found in the Democratic Republic of the Congo.

KoBold uses artificial intelligence, machines, and computing to look for the raw materials needed for electric vehicles (EVs).

"We are delighted to have a partner at the pinnacle of technical innovation for new exploration methods, backed by some of the most successful investors in the world," said Bo Stensgaard, CEO of Bluejay.

"Additionally, Bluejay retains the ability to self-fund to maintain a 49% ownership through to production, providing external public investors with the opportunity of investing alongside a private investment entity of this magnitude," he added.