Rio Tinto to invest in the world’s best technology startups
10 April 2024 - 4:15AM
Business Wire
Rio Tinto is teaming up with a leading global venture studio and
start-up investor to back the development and commercialisation of
breakthrough technologies in the mining industry, supporting the
company’s efforts to find better ways to provide the materials the
world needs.
Rio Tinto will partner with Founders Factory and invest A$14.4
million in global pre-seed and seed stage start-ups over the next
three years. The focus will be on technologies in the fields of
safe mine operations, decarbonisation, exploration processing and
automation.
Each start-up will receive a cash investment and participate in
a four-month accelerator program run by Founders Factory to support
product development and commercialisation.
The Western Australian Government has also partnered with
Founders Factory to invest in nature-tech start-ups that preserve
and restore nature and biodiversity.
The partnerships with Rio Tinto and the Western Australian
Government will support the first Australian hub of Founders
Factory in Perth, Western Australia, boosting the state’s
innovation credentials. Founders Factory successfully operates in
London, Johannesburg, Milan, Berlin, Bratislava, New York and
Singapore.
Rio Tinto Iron Ore Chief Executive Simon Trott said, “Technology
has always been at the forefront of our industry and Western
Australia can be the Silicon Valley of the global mining
industry.
“Our iron ore operations in the Pilbara are among the most
technologically advanced in the world. This exciting new
partnership gives us the opportunity to build on our innovative
legacy to unlock new technologies and help our business find better
ways to provide the materials the world needs.
“With the backing of industry and the State Government, local
and international start-ups will receive investment opportunities
and access to real-world testing and scaling support, helping
Western Australia’s innovation economy to grow.”
Western Australian Premier Roger Cook said, “Securing the
internationally renowned Founders Factory for Perth is a major coup
for our State.
“This is the first time the tech accelerator has operated in
Australia, providing a springboard for innovative local businesses
to reach an international audience and maximise their chances of
success.
“My Government is committed to decarbonising our economy by 2050
and it’s vital that we support local startups developing the
technology to reach this goal.
“This 3-year partnership will further cement WA's position as a
global leader in research and the development, helping to diversify
the economy and create the jobs of the future.”
Founders Factory CEO Henry Lane said, “We are excited to be
partnering with Rio Tinto and launching operations in Western
Australia. Startups can drive further productivity, safety and
automation in the mining sector, whilst accelerating the industry’s
transition to Net Zero.
“This program can help international and local founders test
their technologies with the global leader in the sector and find
pathways to commercial scale and impact.”
Note to the editor
This program is complementary to Rio Tinto’s existing corporate
venture capital activities which commenced in 2021. More
information is available here.
B-roll of automation used on Rio Tinto Iron Ore sites in the
Pilbara is available here.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240409445413/en/
Please direct all enquiries to
media.enquiries@riotinto.com
Media Relations Alyesha Anderson M +61 434 868 118
Rio Tinto plc 6 St James’s Square London SW1Y 4AD United
Kingdom T +44 20 7781 2000 Registered in England No. 719885
Rio Tinto Limited Level 43, 120 Collins Street Melbourne
3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004
458 404
riotinto.com
Category: General
Rio Tinto (NYSE:RIO)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Rio Tinto (NYSE:RIO)
Historical Stock Chart
Von Jun 2023 bis Jun 2024