# Anglo American combines with First Mode in $1.5B deal

Anglo American signed a binding agreement to combine its nuGen effort with First Mode, valuing the combined business at about $1.5 billion. Anglo American will inject $200 million and become majority shareholder. The transaction is expected to close in January 2023.

- Type: Acquisition
- Announced: 2022-12-07
- Where: Seattle, Washington, United States
- Value: $200.0M
- Status: announced
- Products: zero-emission haul truck systems, hydrogen-fueled hybrid power plants
- Sectors: [Mining Equipment](https://endata.com/sectors/mining-equipment.md), [Automation and Robotics](https://endata.com/sectors/automation-robotics.md)

## Companies

- [Anglo American](https://endata.com/companies/15317.md) (acquirer)
- [First Mode](https://endata.com/companies/54501.md) (target)

## Sources

- [geekwire.com](https://www.geekwire.com/2022/anglo-american-first-mode-200m-combination/), 2022-12-07: "The transaction, which is expected to close next month, values the newly combined business at around $1.5 billion and includes a $200 million equity injection from Anglo American."
- [lse.co.uk](https://www.lse.co.uk/news/in-brief-anglo-american-to-combine-nugen-with-investee-first-mode-v7un8g667v8kw9d.html), 2022-12-07: "Plans to accelerate the development and commercialisation of nuGen within the agreement."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.