Magrathea Metals

About the solution

Magrathea has developed a novel process to produce magnesium from seawater and brine through electrolysis. The production is made at a lower cost than current mining processes and is carbon neutral. Founded in 2022 by Alex Grant and Jacob Brown, chemical engineers by training and with professional backgrounds in lithium and batteries respectively including both having worked with Tesla, the company has achieved proof-of-concept, is building a pilot for their magnesium production process, filed multiple patent applications, and signed three memorandums of understanding with potential customers and partners.

Magnesium is an extremely critical metal used globally in a range of end markets. It is the most important element for alloying aluminum to make it strong and used as a dominant metal in alloys for structural components of almost all vehicles on ground and in the air, with annual demand of approximately 1 million metric tons, and an annual growth rate of over 5 percent. Magnesium is the strongest structural metal by mass and easier to decarbonize than its much larger industry sister metals, aluminum and steel.

The magnesium supply chain today, however, is highly concentrated in Russia and China which produce over 90 percent of the world’s supply, and relies on highly carbon intensive thermal reduction processes. Automakers have indicated their desire to use more magnesium for decades, but are constrained by current production limitations, supply chain dislocations, and sustainability needs.

EQT Foundation's investment

“Metal without mining” will not only be vital to the global economy but also highly impactful to the environment. We believe Magrathea’s technology and mission can positively impact both areas while being very aligned with our core values and purpose. EQT will also be able to support the company through its journey given our broad mix of relevant businesses across EQT Ventures, Private Equity and Infrastructure divisions. The founders of Magrathea are true role models for the space of impact entrepreneurship; subject field experts, steadfast to their long-term goal of marrying impact and financial performance, and firmly rooted in the present - building a company and an energy that would attract talent more magnetically than no other. This is exactly the type of company that we are looking to support with the capital and network support we can provide from the EQT Foundation.