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First Mode goes all in on clean energy for heavy industry

Seattle-based First Mode and Anglo American have closed a complicated $1.5 billion transaction that will remake First Mode as a clean-energy company for heavy industry — and shift its headquarters to London.

Anglo American, a global mining company, is now First Mode’s majority shareholder. The change of status was reflected in a filing with the Securities and Exchange Commission, which reported a $1.184 billion equity offering sold to Anglo American. That’s in addition to a $200 million cash injection that Anglo American is providing, First Mode spokeswoman Colleen Rubart told me in an email.

Rubart said the balance of the $1.5 billion comes in the form of contributions of intellectual property, contracts, facilities and other assets from both of the parties involved in the deal. The deal closed on Jan. 5, she said.

The business combination, which was announced last year, blends First Mode’s engineering operation with Anglo American’s nuGen effort to develop a zero-emission system for hauling ore. First Mode created the hydrogen-fueled hybrid powerplant for Anglo American’s nuGen mining truck, which made its debut in South Africa last year as the world’s largest zero-emission vehicle.

Going forward, First Mode will supply nuGen systems to Anglo American. The project will include the retrofit of about 400 ultra-class haul trucks with First Mode’s powerplant, plus the provision of infrastructure for hydrogen production, refueling and battery recharging.

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First Mode’s zero-emission ambitions get a $200M boost

Seattle-based First Mode and the Anglo American mining company have signed a binding agreement to combine First Mode with Anglo American’s nuGen effort to develop a zero-emission system for hauling ore. The transaction, which is expected to close next month, values the newly combined business at around $1.5 billion and includes a $200 million equity injection from Anglo American.

The outlines of the business combination plan were first announced in June. At that time, Anglo American said the terms of the agreement were non-binding, and the financial details weren’t released.

First Mode is an engineering company that initially focused on providing expertise for space projects such as NASA’s Perseverance rover mission and the Psyche mission to a metal-rich asteroid. But in recent years, it’s devoted increasing attention to carbon-reduction technologies for heavy industry.

The company provided the hydrogen-fueled hybrid power plant for Anglo American’s nuGen mining truck, which made its debut in South Africa this year as the world’s largest zero-emission vehicle.

“First Mode was founded in 2018 with the goal of building the barely possible,” Chris Voorhees, First Mode’s president and CEO, said today in a news release. “We have done just that, and our mission is now to rapidly decarbonize heavy industry by dramatically reducing our customers’ greenhouse gas emissions. I can’t imagine a team better suited to this urgent challenge.”

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First Mode enters second stage of clean energy quest

First Mode, a Seattle-based engineering company, says it’s agreed to a business combination with the zero-emission truck development effort led by the Anglo American mining company.

The deal follows up on First Mode’s work with Anglo American on its nuGen Zero Emissions Haulage Solution, which uses a hybrid hydrogen-battery powertrain on ore-hauling trucks. First Mode designed and built the powerplant in partnership with several other companies.

In May, Anglo American unveiled the first converted nuGen monster truck at its platinum mine in Mogalakwena, South Africa. The newly combined business, operating under the First Mode name, would convert Anglo American’s fleet of 400 trucks to the nuGen system. It would also provide associated site infrastructure for battery charging as well as hydrogen production and refueling. First Mode says converting 400 ultra-class haul trucks to zero-emission systems is equivalent to taking 280,000 carbon-emitting cars off the road.

“We started First Mode to solve meaningful and difficult problems,” Chris Voorhees, president and CEO of First Mode, said in a news release. “Climate change and energy security are the paramount challenges of our time, and I am so proud this will be First Mode’s focus as we enter this next phase of growth. Now is the right time, and this is the right team, to build the barely possible for this extraordinary set of problems.”

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First Mode gets $8.5M boost from mining partnership

Seattle-based First Mode says it’s partnering with the global mining company Anglo American in a multi-year joint development deal that includes an $8.5 million investment in First Mode.

The newly announced deal builds on the engineering company’s previous work on a hydrogen fuel-cell power plant for Anglo American’s monster ore-hauling truck.

Anglo American is one of the world’s largest mining companies, with a portfolio that includes platinum-group metals, copper and iron ore, and diamond mines. Its operations are spread out from South Africa to Western Australia.

Mining isn’t exactly an environmentally friendly industry, but Anglo American is pursuing an initiative called FutureSmart Mining that’s aimed at reducing its environmental footprint. The hydrogen-powered vehicle that First Mode is working on could become one of the largest zero-emissions vehicles on Earth.

First Mode was founded in 2018 by veterans of Planetary Resources, an asteroid mining venture that fizzled out. Much of First Mode’s work has to do with supporting space projects such as NASA’s Perseverance rover on Mars and the Psyche mission to a metal-rich asteroid. But the partnership with Anglo American signals that First Mode is serious about addressing earthly engineering challenges as well.

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First Mode strikes $13.5M deal for mining tech

Mine haul truck
An ultra-class haul truck carries tons of ore. (Anglo American Photo)

First Mode, a Seattle engineering firm founded by veterans of the Planetary Resources asteroid mining venture, says it’ll be working on innovations for the earthly mining industry under the terms of a three-year, $13.5 million agreement with Anglo American.

The deal demonstrates that First Mode is branching out from space applications, a year after it was founded.

The company has been providing design, engineering and system development services for projects including NASA’s next Mars rover, the Psyche mission to an iron-rich asteroid, the Europa Clipper spacecraft and a proposed moon rover — but Anglo American, one of the world’s largest mining companies, is its first announced client for terrestrial technologies.

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