KoBold Metals aims to lead race for critical minerals needed for energy transition
A mining and artificial intelligence start-up backed by Bill Gates and Jeff Bezos has raised $537mn in its latest funding round, as it seeks to become a key player in the race for the critical minerals needed for the energy transition. Berkeley-based KoBold Metals said its series C funding round valued the company at $2.96bn, and was co-led by existing investor T Rowe Price, which has been joined by Durable Capital Partners.
KoBold’s co-founder and chief executive Kurt House said about 40 per cent of the new capital would be spent on developing existing projects into mines, with the Zambian copper project taking “the lion’s share of that”. The company — which uses OpenAI’s generative AI technology as well as more traditional AI — planned to “add at least three jurisdictions” including Finland and Botswana, House said, adding that he was excited about the prospects for lithium mining in Canada.
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