Shearman & Sterling advised Anglo American plc on the combination of its nuGen™ Zero Emissions Haulage Solution (ZEHS) with First Mode Holdings, a specialist engineering technology company headquartered in Seattle, Washington.
The transaction, which is expected to close in January 2023, is intended to accelerate the development and commercialisation of Anglo American’s nuGen™ ZEHS and involves Anglo American making an additional capital investment of $200million in the combined business.
Upon closing of the transaction, Anglo American will also enter into a supply agreement with First Mode to decarbonize its global fleet of ultra-class mine haul tracks, of which 400 are currently in operation. The commitment is made in support of Anglo American's 2040 target for carbon neutral operations.
The Shearman & Sterling team below included associate Marianna Fedelesh.