General – nodule collection
Allseas congratulates TMC the Metals Company on the successful close of the business combination agreement (BCA) between DeepGreen Metals, the predecessor of The Metals Company, and Sustainable Opportunities Acquisition Corporation (SOAC).
The Metals Company is expected to begin trading on the Nasdaq Global Select Market under the ticker TMC today. Allseas participated in the deal through a private investment in public equity.
“As an existing investor in the company, we further strengthen our strategic relationship with The Metals Company. We share their vision to develop the world’s largest estimated source of battery metals, which will be critical in the green transition,” said Edward Heerema, founder and president of Allseas.
Allseas is leading the development of an innovative polymetallic nodule collector and riser system to gather nodules that sit unattached atop the abyssal seafloor within contract areas held by The Metals Company in the Pacific Ocean’s Clarion Clipperton Zone (CCZ).
“In June 2019, we formed a strategic alliance with DeepGreen, which included a significant investment. In February 2020, we acquired a former drill ship for conversion to a vessel for deep-sea polymetallic nodule collection. Named ‘Hidden Gem’, the vessel is expected to enable first commercial production for The Metals Company in 2024,” added Heerema.
Tests with the polymetallic nodule collector system in the North Atlantic Ocean will begin next year.