DeepOcean invests in deep-sea minerals exploration firm

Norway-based DeepOcean Group has signed an agreement to acquire a majority stake in deep-sea minerals exploration and extraction company ADEPTH Minerals.
DeepOcean invests in deep-sea minerals exploration firm DeepOcean invests in deep-sea minerals exploration firm DeepOcean invests in deep-sea minerals exploration firm DeepOcean invests in deep-sea minerals exploration firm DeepOcean invests in deep-sea minerals exploration firm

ADEPTH Minerals, which was founded in Bergen, western Norway in 2020, aims to use low carbon technology for environmentally responsible marine exploration and mining. Bergen is a hub for emerging subsea technologies; the University of Bergen leads research into deep sea minerals, and the city also has a cluster of subsea companies that are developing sustainable ocean technologies.

ADEPTH Minerals' strategy is to undertake prospect analysis and risk assessment by integrating big data and artificial intelligence. The company has participated in Norway's deep-sea mining impact assessment programme for mineral extraction activities on the Norwegian continental shelf, and also intends to take part in the first licencing round. Norway could potentially licence companies for deep-sea exploration and mining of its continental shelf from 2023.

ADEPTH Minerals will continue to operate as a standalone company and brand, but DeepOcean's majority ownership will give it more subsea experience as well as joint resources. The investment will also allow ADEPTH to operate an environmental research expedition that it has planned with the University of Bergen and its second largest shareholder, the technology-driven provider of seabed intervention projects Seabed Solutions. ADEPTH said that this collaboration aims to develop a sound platform for the exploration of deep-sea minerals.

Øyvind Mikaelsen, CEO of DeepOcean Group, commented: "Alongside our continued core service segment of oil & gas and our increasing exposure to offshore renewables, deep sea minerals is an additional area where we see great potential for DeepOcean. By bringing our subsea and project execution experience to ADEPTH, we will together strive to support and enable the energy transition and sustainable use of ocean resources, by means of sourcing and extracting sought-after materials in an environmentally responsible manner."

Anette Broch Mathisen Tvedt, CEO and co-founder of ADEPTH Minerals, said: "We are taking the opportunity to be part of what will be a new high potential industry for Norway, which provides one of few regulated and sustainable frameworks for mining minerals globally.

"Through the transaction with DeepOcean, ADEPTH gains a new partner with an industrial perspective that has long-standing project management experience within the subsea field and provides an operational platform to support our goal of becoming a leading deep sea mineral exploration company."