A mineral exploration company backed by billionaires like Jeffrey Bezos, Bill Gates and Michael Bloomberg signed an agreement with Bluejay Mining to search for electric vehicle metals in Greenland.
The company, KoBold Metals, uses artificial intelligence and machine learning to search for raw materials, Reuters reports. Kobold will pay $15 million in exploration funding in exchange for a 51 percent stake in the project.
The funding will cover evaluation and initial drilling for metals such as nickel, copper, cobalt and platinum.
Bluejay said studies found that the area in Greenland has similarities to Russia’s Norilsk region, the main producer of nickel and palladium.
“This agreement is transformed for Bluejay,” the company’s CEO Bo Steensgaard said. “We are delighted to have a partner at the pinnacle of technical innovation for new exploration methods, backed by some of the most successful investors in the world.”