SPAC GoGreen Investments (NYSE:GOGN) plans to merge with EV battery metals processor Lifezone Metals (LZM) through a deal that pegs the equity value of the combined company at around $1B.
The deal is expected to generate net proceeds of $318M for the company, assuming no redemptions. Shares of the combined company are slated to trade on NYSE under the symbol LZM.
Lifezone holds a controlling interest in the Kabanga nickel mine in Tanzania, which it says it one of the world's largest undeveloped nickel deposits. Partners in the project include mining group BHP and the Tanzania government. Lifezone plans to develop the mine using proprietary metals processing technology that it says produces lower carbon emissions than traditional methods.
In its announcement on the deal, LifeZone said that the Kabanga project will should create a more reliable supply chain of nickel for US and European industry. Nickel is a key component in the manufacture of EV batteries.
GoGreen went public in October 2021, raising $240M.