By Dominic Chopping

STOCKHOLM--Swedish private-equity firm EQT said Wednesday that its EQT Foundation has invested in U.S.-based carbon-free metal producer Magrathea.

Seed-stage start-up Magrathea produces carbon-free magnesium metal without the process of mining. It has developed a novel process to produce magnesium from seawater and brine through electrolysis.

Magrathea was 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.

Financial terms of the investment weren't disclosed.

EQT Foundation was established to act as a long-term shareholder of EQT and house EQT's global philanthropic activities. It holds around 1% of the shares in EQT and is structurally independent from EQT.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

June 07, 2023 08:39 ET (12:39 GMT)

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