LONDON (dpa-AFX) - Anglo American has reached a deal with First Mode Holding Inc to combine its nuGen Zero Emissions Haulage Solution with First Mode, the engineering technology company that partnered with Anglo American to develop the nuGen ZEHS.
The transaction is intended to accelerate the development and commercialization of Anglo American's nuGen ZEHS. Anglo American acquired a 10% strategic equity interest in First Mode in 2021.
The transaction includes Anglo American making an additional capital investment of $200 million in the combined business to help fund the ongoing development of ZEHS which values the business in the order of $1.5 billion and results in Anglo American owning a majority shareholding in First Mode.
The deal is expected to close in January 2023. Anglo American will enter into a supply agreement with First Mode to decarbonize its global fleet of ultra-class mine haul trucks, of which approximately 400 are currently in operation, in support of Anglo American achieving its 2040 target for carbon neutral operations.
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