Magrathea Announces $28M Partnership with US Department of Defense
Gunderson Dettmer represented client Magrathea, a metal production company, in its public-private partnership with the US Department of Defense (DOD). Magrathea is a technology company based in California developing a new generation of electrolytic process for making carbon neutral metal from seawater and brines for the era of electrification and decarbonization.
The DOD’s capital contribution from the Defense Production Act Title III program will accelerate the scale-up of Magrathea’s technology to a full-scale demonstration plant. The project will bring new primary magnesium metal supply back to the United States for the first time in 40 years and is the US Government’s first major investment in magnesium since World War II. The project will create 40 jobs by 2025 and hundreds of jobs across the United States will be created at Magrathea’s first commercial smelter.
In the announcement, CEO of Magrathea Alex Grant said, “We are delighted to partner with the DOD to rebuild the magnesium supply base cleaner, faster, and lower cost than ever before. This partnership will accelerate delivery of our high purity, carbon neutral light metal products to several critical markets. Aluminum, automotive, and other users who rely on this metal now know that they can depend on Magrathea to deliver with DOD backing.”