Backed by billionaires Jeff Bezos, Bill Gates and Michael Bloomberg, the company seeks materials for electric vehicles in Greenland after exploration company Cobold signs a deal with a prestigious mining company. We are planning to carry out mineral research and exploration. news release..
KoBold, which uses artificial intelligence and machine learning to search for raw materials, will pay $ 15 million to explore the Disko-Nuussuaq project on the west coast of Greenland in exchange for a 51% stake in the project, mining company Blue Jay said. I am. In the statement.
KoBold’s main backers include Breakthrough Energy Ventures, founded by Gates, whose investors include Bezos, Bloomberg, and fellow billionaire Ray Dalio. Norwegian state-owned multinational energy company Equinor and Silicon Valley venture capital firm Andreessen Horowitz are also investors.
According to a BlueJay news release, research shows that the western region of Greenland is similar to the geology of Russia’s Norilsk region, a major producer of nickel and palladium, which are heavily used in electronic components.
“This agreement is a game changer for Bluejay,” said Bo Steensgaard, CEO of Bluejay. “We are pleased to have a partner at the forefront of innovation in new exploration methods, supported by some of the world’s most successful investors.”
None of Bloomberg, Gates or Bezos included a statement in the news release.
KoBold CEO, Kurt House, Said (pdf) In the Greenland region, “convergence of rare events in Earth’s history that could lead to the formation of world-class battery metal deposits” was seen.
Disko-Nuussuaq covers more than 1,000 square miles of areas that are expected to be high in nickel, cobalt, platinum and copper. Blue jay..
The announcement was made after Democratic officials in recent months have told automakers that they are pushing the production of electric vehicles.
Last week, President Joe Biden said at a White House event that he wanted to turn half of all new cars sold in the United States into electric cars. However, Biden’s 50% target executive order is not legally binding.
“The biggest thing that’s happening here is that both labor and business are aware that this is the future. Biden told reporters on August 5.
Byden also demanded $ 174 billion in government spending to boost electric vehicles, including $ 100 billion in consumer incentives. The infrastructure bill passed by the Senate on Tuesday includes more than $ 7 billion for electric vehicle charging stations.
Jack phillips
Senior reporter
Jack Phillips is a New York-based reporter for The Epoch Times.