Billionaire Jeff Bezos and Bill Gates are among those spending $15 million to fund an effort to find rare metals. Their goal is to make more rare metals accessible to the world, helping the fight against global warming and climate change. The goal of the project is to make rare metals more available so that they can be used in a variety of ways, such as in the construction of wind turbines. The project is led by scientists at Lawrence Livermore National Laboratory in California.
In search of critical raw materials for electric vehicles, prominent billionaires are funding an exploration project in Greenland.
Cobalt, copper, nickel, and platinum can all be found on the world’s largest island according to KoBold Metals, backed by Bill Gates, Jeff Bezos, Michael Bloomberg and Ray Dalio.
To determine where new ore deposits can be found, KoBold uses artificial intelligence and machine learning.
As part of the Disko-Nuussuaq project in Central West Greenland, KoBold will invest $15 million through 2024 to locate natural resources for Bluejay. The funds will be contributed by KoBold in exchange for a 51 percent share in the project.
According to Bluejay, studies have revealed geological similarities to the Norilsk region of Russia, which produces nickel and palladium.
Kurt House, CEO of KoBold, said in a news release that the Disko region has seen the rare convergence of meteorological events that could have created the world’s largest battery metal deposit.
The partnership with Bluejay represents our confidence in the project’s potential, as well as our interest in Greenland’s emerging mineral sector,” House said.
The London-listed KoBold Metals (KBLD.L) has agreed to search in Greenland for materials used in electric vehicles, backed by billionaires such as Jeff Bezos and Bill Gates.
A company called KoBold, which employs artificial intelligence and machine learning to hunt for raw materials, will pay $15 million to Bluejay in exchange for a 51% stake in Greenland’s Disko-Nuussuaq project, Bluejay said.
The news led to a 26% increase in BlueJay shares.
Nickel, copper, cobalt and platinum are among the metals in the license, and the funding will cover exploration and drilling.
Its main investors include Breakthrough Energy Ventures, which is backed by Microsoft’s (MSFT.O) Bill Gates, Bloomberg’s Michael Bloomberg, Amazon’s (AMZN.O) Jeff Bezos, and Bridgewater Associates’ Ray Dalio.
Andreessen Horowitz, a venture capital fund from Silicon Valley, and Equinor, a Norwegian energy company are among KoBold’s investors.
In previous studies, BlueJay said that the geology in western Greenland is similar to that in Russia’s Norilsk region, a major nickel and palladium producer.
Bo Steensgaard, Bluejay’s CEO, described the agreement as “transformative.”. The most successful investors in the world are backing us, a partner at the forefront of technological innovation for new exploration methods.”