TechnipFMC investment in Loke Marine Minerals to enable the energy transition

Source: press release, 11 August 2021

Marine minerals have been identified as one of the potential solutions to meet the increasing demand for metals used in electric vehicle batteries, clean energy technologies, and consumer electronics
Marine minerals have been identified as one of the potential solutions to meet the increasing demand for metals used in electric vehicle batteries, clean energy technologies, and consumer electronics (photo: Loke Marine Minerals)

TechnipFMC is joining forces with Loke Marine Minerals to develop enabling technologies for the extraction of seabed minerals, driving the energy transition and a sustainable future.

Marine minerals have been identified by the World Bank, World Economic Forum, and International Energy Agency as one of the potential solutions to meet the increasing demand for metals used in electric vehicle batteries, clean energy technologies, and consumer electronics.

Together, Loke and TechnipFMC are developing a patent-pending, autonomous subsea production system that aims to have minimal impact on the environment and positions the company well for potential offshore licensing on the Norwegian Continental Shelf (NCS) and internationally.

Jonathan Landes, President, Subsea at TechnipFMC comments, “We are pleased to partner with Loke in the development of this important resource. Our culture of collaboration, integration, and innovation, along with our expertise in subsea robotics and extensive history on the NCS can help meet the rising demand for new technologies and resources that are driving the energy transition.”

TechnipFMC has a minority ownership stake in Loke. Wilh. Wilhemsen Holding ASA, a global maritime industry group, and NorSea Group have also taken an ownership stake in Loke.

Walter Sognnes, CEO at Loke, comments, “We are very excited and pleased to get these first class and top choice companies to join on the owner side of Loke. We see great benefits for the exciting phase the company now is entering from what they are bringing to the table, with regards to knowledge, experience, and culture. Their complementary business areas with common overlap is an ideal match with our ambition of becoming an international leading marine minerals company.”

The NCS is known to have copper, zinc, cobalt, and other rare earth elements. Norway is one of the only countries to have formalised marine mineral legislation. The Norwegian government is expected to make a final decision on licensing approval for exploration and production in 2023.