The Transaction, first indicated in June 2022, is intended to accelerate the development and commercialisation of Anglo American 's nuGen™ ZEHS. Anglo American acquired a 10% strategic equity interest in First Mode in 2021. The Transaction includes Anglo American making an additional capital investment of $200 million in the combined business to help fund the ongoing development of ZEHS which, upon completion of the Transaction, values the business in the order of $1.5 billion and results in Anglo American owning a majority shareholding in First Mode. The balance of the equity interest at that time will be held by a number of First Mode's founders and employees.