Blackwater founder Erik Prince aims to raise as much as $500 million to invest in metals needed for making the batteries that power electric vehicles (EVs), the Financial Times reports.
The fund will focus mainly on cobalt, copper and lithium assets located mainly in Africa and Asia, Prince told FT.com.
Metals such as cobalt, lithium, nickel and copper have seen demand soar in recent years as the shift away from cars powered by fossil fuels gains momentum and mining companies are investing billions of dollars into developing deposits of those key commodities.
Experts expect the need for the commodity from battery makers alone to jump 650% by 2027, while overall demand is forecast to rise more than threefold in the next nine years.
Metal Tiger plc (LON:MTR) is listed on the London Stock Exchange AIM Market with the trading code MTR and invests in high potential mineral projects with a base, precious and strategic metals focus.