Molycorp.Inc. (fka MCPIQ)

[TradingCharts]

DeepGreen Metals Inc., a developer of lower-impact battery metals from unattached seafloor polymetallic nodules (earlier post), has entered into a definitive business combination agreement with Sustainable Opportunities Acquisition Corporation, a special purpose acquisition company (SPAC) with a dedicated ESG focus and deep operational and capital market capabilities in the energy and resource sectors.

The transaction represents a pro forma equity value of US$2.9 billion (assuming no redemptions) for the combined company, which will be renamed “TMC the metals company Inc.” and operate as The Metals Company upon closing.

DeepGreen is developing a new, scalable source of EV battery metals in the form of polymetallic nodules found unattached on the seafloor in the Pacific Ocean. The estimated resource on the seafloor in the exploration contract areas held by the company’s subsidiaries is sufficient for 280 million EVs—a quarter of the global passenger car fleet.

https://www.greencarcongress.com/2021/03/20210305-deepgreen.html

Sustainable Opportunities Acquisition Corporation