First Mode and Anglo American signed an agreement to combine the partners’ separate zero-emission haulage solution businesses. The resulting combined business, run by the miner, is valued at $1.5 billion and includes a $200 million equity injection from Anglo American, said First Mode.
Under the agreement, First Mode will supply several nuGen systems to Anglo American, to include the retrofitting of approximately 400 ultra-class haul trucks with First Mode’s hybrid fuel cell battery powerplant and related infrastructure. The agreement includes the provision of supporting infrastructure, such as refueling, recharging, and hydrogen production solutions.
Anglo American will become a majority shareholder of First Mode, with the balance held by First Mode employees. Current First Mode President and CEO Chris Voorhees will become the chief product and technology officer. Julian Soles, Anglo American’s head of technology development, will take over as First Mode CEO.
The first proof-of-concept haul truck, launched in May 2022, is now operational at Anglo American’s Mogalakwena platinum group metals mine site in South Africa. The truck was recently commissioned and began commercial fleet operations.