EQT Foundation Invests in Carbon-Free Metal Producer Magrathea
By Dominic Chopping
STOCKHOLM--Swedish private-equity firm EQT said Wednesday that
its EQT Foundation has invested in U.S.-based carbon-free metal
Seed-stage start-up Magrathea produces carbon-free magnesium
metal without the process of mining. It has developed a novel
process to produce magnesium from seawater and brine through
Magrathea was founded in 2022 by Alex Grant and Jacob Brown,
chemical engineers by training and with professional backgrounds in
lithium and batteries, respectively, including both having worked
with Tesla. The company has achieved proof-of-concept, is building
a pilot for their magnesium production process, filed multiple
patent applications, and signed three memorandums of understanding
with potential customers and partners.
Financial terms of the investment weren't disclosed.
EQT Foundation was established to act as a long-term shareholder
of EQT and house EQT's global philanthropic activities. It holds
around 1% of the shares in EQT and is structurally independent from
Write to Dominic Chopping at email@example.com
(END) Dow Jones Newswires
June 07, 2023 08:39 ET (12:39 GMT)
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