First Mode Raises $200M in Funding
Summary
The two companies also signed a binding agreement to combine First Mode and Anglo American’s nuGen™ zero emission haulage solution to accelerate the transition of mining and other heavy industries to diesel-free futures. The supply agreement includes the appropriate provision of critical supporting infrastructure such as refueling, recharging, and facilitation of hydrogen production. The roll-out of nuGen™ across Anglo American’s haul truck fleet over the next 15 years is subject to certain conditions and required approvals. Previously announced in June 2022, the transaction is a combination of creative engineering excellence and mining expertise which brings together the existing First Mode business with Anglo American’s nuGen™ related intellectual property, management, and operational teams. The investment will facilitate the rapid global growth of First Mode, development of production facilities in Seattle and new proving grounds in Centralia, Washington, support staffing goals worldwide, develop our footprint in Perth, Australia, and speed the commercialization and deployment of First Mode clean energy solutions to market.