Mineral exploration company KoBold Metals, which is backed by billionaires including Jeff Bezos and Bill Gates, is to begin drilling in Greenland for critical materials used in electric vehicles.
KoBold, which uses artificial intelligence and machine-learning to hunt for raw materials, last year secured a 51% stake in the Disko-Nuussuaq project on Greenland’s west coast, which is operated by London-listed Bluejay Mining.
The joint venture plans to use drones to make a high-resolution magnetic survey of the area and plans to drill 3,000 metres this year.
KoBold is a privately-held company whose principal investors include Breakthrough Energy Ventures, a climate and technology fund backed by Microsoft co-founder Bill Gates, Bloomberg founder Michael Bloomberg, and Amazon founder Jeff Bezos.
Other KoBold investors include Silicon Valley venture capital fund Andreessen Horowitz, Norwegian state-controlled energy company Equinor, and Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates.