Mintz is serving as legal advisor to DeepGreen Metals Inc. (DeepGreen), a developer of lower-impact battery metals from unattached seafloor polymetallic nodules, in its proposed business combination with Sustainable Opportunities Acquisition Corporation (NYSE: SOAC), a special purpose acquisition company (SPAC) with a dedicated environmental, social, and corporate governance (ESG) focus and deep operational and capital market capabilities in the energy and resource sectors. The transaction includes an upsized $330 million fully committed common stock Private Investment in Public Equity (PIPE) and reflects a pro forma equity value for the combined company of approximately $2.9 billion. The closing of the transaction is expected to take place in the second quarter of 2021.
DeepGreen is developing a new, scalable source of electric vehicle (EV) battery metals in the form of polymetallic nodules found unattached on the seafloor in the Pacific Ocean. Through its subsidiaries, the company has exploration rights to the world’s largest private resource of unattached polymetallic nodules, with estimated sufficient resources for 280 million EVs – a quarter of the global passenger car fleet. The combined company’s ambition is to become the world’s largest developer and producer of EV battery metals through a responsible approach with the lowest lifecycle ESG impact and low production cost.
“The Mintz team worked tirelessly for us across time zones and in a short period to get this deal signed, helping to further our vision of dramatically reducing the environmental bill of extracting metal from the planet and enabling society to rely on recycled metals,” said Gerard Barron, CEO and Chairman of DeepGreen. “Mintz attorneys know the complexities of SPAC mergers inside and out, and their counsel is deeply valued by our team.”
The Mintz team advising DeepGreen is led by Managing Member of Mintz’s Boston Office and Chair of the firm’s Corporate, Tax, Private Client & Immigration Division Michael Fantozzi, Member and Chair of the firm’s Israel Practice Ran Zioni, and Member Jeffrey Schultz.
Mintz is a pioneering firm, recognized as an early adopter and at the forefront of SPAC transactions since the early 2000s. Having handled the first-ever New York Stock Exchange SPAC transaction, the firm’s interdisciplinary team draws from decades of experience guiding clients in a broad spectrum of industries through the intricacies of SPAC financings. Notably, the firm has handled over 55 SPAC and reverse merger transactions and worked on several recent SPACs for multi-billion-dollar value companies. Please click here to learn more about Mintz’s SPAC Practice.
In addition, the firm continues its leadership role in the sustainability market. Mintz was also one of the first law firms to develop a practice focused on energy and sustainability innovation, and has been the leading law firm in the industry since the earliest days of this technology revolution. The Mintz Energy & Sustainability Practice now serves more than 250 clients, spanning the ecosystem from emerging companies to large corporations, private equity and venture capital funds, investment banks, project developers and project finance funds, and family offices.