Earth AI, a leader in predictive exploration for clean energy metals, has announced the completion of a $20 million Series B funding round. The oversubscribed round was led by Tamarack Global and Cantos Ventures, with additional participation from Overmatch, Alpaca, Sparkwave Capital, and continued support from existing investors, including Y Combinator and Scrum Ventures.

The new investment will help Earth AI enhance its AI and drilling technologies while expanding its project pipeline significantly. The firm is expanding the operations to more than 50+ exploration sites and increasing its drilling capacity at $100/ meter to up to 100,000 meters.

Headquartered in 2017, Earth AI is reshaping the very face of mining with its AI-based Mineral Targeting Platform or MTP. This platform has allowed Earth AI to rapidly identify mineral resources in previously unexplored areas, helping reduce costs and time compared with conventional methods.

Revolutionizing Mineral Discovery with Cutting-Edge AI

Earth AI uses AI to identify and validate mineral deposits, then sells mining rights to large mining companies for profit. It taps into 400 million data points and satellite imagery to discover new, unexplored greenfield prospects, unlike traditional methods.

Earth AI’s unique method makes it a vital partner for the mining industry, addressing the rising demand for critical minerals. The company’s predictive technology leverages continental-scale datasets, giving it an advantage in discovering new resources in untapped regions.

Also read: Heirloom Secures $150 Million in Series B Funding

Investment to Meet Global Demand for Critical Minerals

Demand for critical minerals is expected to reach $10 trillion by 2050. This will translate to a production growth of 30 times what it is currently. While mining companies are concentrated on extraction, Earth AI fills the gap in exploration, taking advantage of inefficiencies in the fragmented market of micro-cap exploration companies whose effectiveness has declined by about 70% over the last decade.

Roman Teslyuk, founder and CEO of Earth AI, said, “Despite the tremendous global need for mineral resources for everything from the energy transition to day-to-day life, new mineral deposit discoveries are notorious for being expensive and time consuming.”

He added, “Earth AI is changing this paradigm using its proprietary AI and drilling technology that has already made verified discoveries in greenfield regions. This new round of funding will be critical to expanding our operations and establishing a pipeline of attractive new mining projects for the industry.”

With rising demand for critical minerals, Earth AI’s innovative approach positions it as a key driver in the mining industry. Earth AI uses advanced AI to become a key partner for mining companies seeking new assets for clean energy metals.

Xodus, a global energy consultancy, has unveiled an innovative digital dashboard aimed at illuminating the financial aspects of carbon dioxide (CO2) transport across Europe as reported by Carbon Herald. This new, web-based platform is designed to help users evaluate the costs associated with moving captured CO2 to various destinations throughout the continent.

A Collaborative Effort to Support Carbon Capture and Storage

The CCSA collaborated to develop the dashboard, which stands as a leading resource for companies evaluating the commercial viability of their CCUS-related strategies. The tool provides economic models for CO2 transport and also storage in the European Union (EU), European Economic Area (EEA), and the UK.

Empowering Stakeholders Across the CCUS Ecosystem

The platform by Xodus allows emissions producers to calculate the CO2 transport costs when moving it to offshore storage sites across Europe. Additionally, storage providers can use the tool to analyze the geographic demand for their services, and policymakers can access valuable data to shape regulatory frameworks that optimize access to CO2 infrastructure.

Also read: Fugro to Lead Ground Investigation for Innovative CO2 Transport Pipeline in Belgium

Key Insights from CCSA CEO

Olivia Powis, CEO of the CCSA, “A Europe-wide CO2 market is within reach and it is essential that industry and policymakers have economic modelling, as it can provide important insights into feasibility, risk management, and financial planning for projects and clusters.”

She added, “As our report into accelerating a Europe-wide CO2 storage market found, there is an exciting opportunity to cut CO2 storage costs by 20% across Europe and save billions annually if the EU and UK break down policy barriers and make cross-border CO2 storage happen.”

Furthermore, this comprehensive dashboard is the result of an 18-month effort involving a team of advisory specialists, energy development experts, and geospatial analysts. The team plans to update the tool regularly to keep it relevant and accurate as the CCUS sector evolves.