Anglo American makes new $8.5 million investment in First Mode & enters into multi-year joint development agreement

First Mode, the creative engineering company, and global mining company Anglo American have entered into a multi-year joint development agreement which includes a $8.5 million investment by Anglo American in First Mode as part of the overall agreement. This deal expands the companies’ current business engagement to provide further focus on decarbonising global mining operations and developing the next generation of clean energy mining haul trucks.

Seattle-based First Mode is currently building a hydrogen fuel cell power plant for an Anglo American owned haul truck, which will be one of the largest ever zero-emission vehicles. It is a converted Komatsu 930E and will see first motion in the coming months at the Mogalakwena open pit platinum mine in South Africa.

First Mode says it is already profitable and is experiencing rapid growth and expansion in Seattle, USA and Perth, Australia, adding: “This agreement with Anglo American will ensure First Mode retains focus on its existing goals to help develop clean technology solutions to the world’s biggest industrial applications and create new systems for exploration. The investment supports expanding First Mode capacity for growth, scaling to meet customer demands for clean energy across many industries and investing in their most important product – their people.”

First Mode CEO and President Chris Voorhees told IM: “Anglo American has been a supporter of First Mode since its early days and is dedicated to the large scale decarbonisation of their mining activities over the coming years. First Mode is excited to move forward with the next chapter of this relationship and develop urgently needed technologies for sustainable energy. This is the first external investment in First Mode since we started in 2018, and represents a minority stake in the employee-owned business.”