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.