Blackwater founder Erik Prince intends to raise $ 500 million to invest in the metal materials needed for electric vehicle batteries. The funds were mainly used to invest in cobalt, copper and lithium assets in Africa and Asia.
Erik Prince said: "When it comes to building electric vehicles, this type of battery metal is inevitable."
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In recent years, the demand for metallic materials such as cobalt, lithium, nickel, and copper has continued to soar because the automotive industry is committed to the transition from diesel locomotives to electric vehicles. Many mining companies have seized the opportunity and actively invested billions of dollars. The aim is to accelerate the production of such core battery materials.
According to experts, by 2027, the demand for battery metal materials from battery manufacturers will jump 650%, and the overall demand in the market is expected to triple in the next 9 years.
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However, Prices believes that the price of such metal materials will decline accordingly, because the number of mineral projects currently on the line continues to increase.
Prince sold Blackwater in 2010 when he was involved in multiple lawsuits. Since then, he has been operating the Frontier Services Group, which is responsible for providing comprehensive security, logistics and insurance services to cutting-edge markets and has been supported by related investors Chun Shun Ko and China CITIC Group