Notice. Information for accredited and professional investors. This page is not an offer or solicitation. Any investment is subject to eligibility checks, KYC/AML, risk approvals, and definitive documents.
Investing in Polymetallic Nodules for Battery Metals
Targeted exposure to nickel, cobalt, copper, and manganese through marine nodule value chains. High uncertainty, heavy regulation, environmental scrutiny, real optionality if permits and offtake mature.
Polymetallic Nodules, In Plain Terms
What nodules are
- Rocky concretions sitting on the seafloor, typically at 4,000 to 6,000 meters depth
- Contain battery-relevant metals, mostly manganese with meaningful nickel, cobalt, and copper
- Form slowly around a nucleus, unattached to the seabed, collectable by subsea harvesting systems
Where they are found
- Pacific Clarion-Clipperton Zone between Mexico and Hawaii
- Cook Islands EEZ and broader South Pacific basins
- Central Indian Ocean and the Peru Basin
- Extraction depends on permits, environmental baselines, and processing capacity onshore
Opportunity and Constraints
Why this matters
- Potential new supply of Ni and Co for cathodes, plus Mn and Cu for broader electrification
- Optionality on long-dated supply gaps and pricing volatility
- Diversification from single-jurisdiction onshore mining risk
Hard truths
- Permitting is slow, contested, and may stall
- ESG and biodiversity risks are material and closely watched
- Capex for collectors, risers, vessels, and processing is significant
- No revenue without approvals, offtake, and processing readiness
Our Fund Strategy
How we position
- Focus on the value chain, not only seabed rights
- Minority stakes, royalties, and streams tied to Ni/Co units where legal and practical
- Selective exposure to onshore pilot processing and intermediate products
- Listed proxies when private access is mispriced
Risk controls and gates
- Stage capital to regulatory and technical milestones, not to headlines
- ESG guardrails, independent science review, clear drop-dead conditions
- Counterparty covenants, audit rights, and cash controls
- Commodity, FX, and duration hedging where exposure is measurable
We do not expose the fund to single-asset concentration. We avoid binary bets where permitting, economics, or offtake are unclear.
Illustrative Key Terms
| Mandate | Equity, royalties, and structured exposure to nodule value chains, plus liquid proxies where useful |
| Ticket Size | 2,000,000 to 25,000,000 USD per position, staged to milestones |
| Holding Period | Medium to long term, with clear exit paths via IPOs, trade sales, or listed markets |
| Risk Focus | Permitting, ESG, technology readiness, processing yields, offtake quality, financing stack |
| Governance | Information rights, board or observer seats where available, strict reporting cadence |
| Jurisdictions | Pacific and Indian Ocean projects, processing in OECD and selected EM hubs |
Indicative only. Final terms sit in the fund PPM and definitive agreements.
Review The Battery Metals Fund
See mandate, risk controls, and eligibility. Access is restricted to accredited and professional investors.
Go To Fund PageDisclosures. For qualified investors only. Any investment involves risk of loss. Regulatory status and approvals are subject to change. Environmental impacts are uncertain and may prevent development. Availability depends on legal, tax, sanctions, and compliance reviews.
