SOAC Files Registration Statement on S-4 in Connection with Proposed Combination with DeepGreen Metals, Explorer of the World's Largest Undeveloped Resource of Battery Metals for EVs

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Sustainable Opportunities Acquisition Corporation (NYSE: SOAC) announced that it has filed a registration statement on Form S-4 with the U.S. Securities and Exchange Commission. The filing includes a preliminary proxy statement/prospectus in connection with SOAC's proposed business combination with DeepGreen Metals Inc., a company exploring for lower-impact battery metals from polymetallic nodules lying on the seafloor.

DeepGreen recently announced its entry into a definitive business combination agreement with SOAC, a special purpose acquisition company with a dedicated ESG focus and deep operational and capital market capabilities in the energy and resource sectors. DeepGreen is exploring a new, scalable source of battery metals in the form of polymetallic nodules which are found in the Clarion Clipperton Zone of the Pacific Ocean. The estimated battery metal resource on the seafloor in the exploration contract areas held by DeepGreen's subsidiaries is equivalent to that contained in 280 million EVs --approximately one quarter of the current global passenger vehicle fleet.

"We anticipate that The Metals Company will successfully scale to meet the expected deficit in electric vehicle battery metals that presents the biggest hurdle to the mass electrification of transportation," said Scott Leonard, CEO of SOAC. "We look forward to advancing toward listing The Metals Company as a key part of our objective to become the world's largest producer of critical battery minerals like nickel, copper and cobalt with the lowest ESG impact and production cost."

Gerard Barron, Chairman and CEO of DeepGreen, said: "The Form S-4 filing is a big milestone in the evolution of DeepGreen, and we could not ask for a more mission-aligned partner than SOAC to bring this project through feasibility and into production. We look forward to progressing the bright future possible through electrification by supplying critical battery metals to customers working to lower ESG impacts throughout their battery supply chains."

Upon completion of the transaction, the combined company will operate as The Metals Company and is expected to be listed under the ticker symbol TMC in the second quarter of 2021. Once the registration statement has been declared effective by the SEC, the final definitive proxy statement/prospectus will be mailed to shareholders of SOAC prior to its shareholder vote on the proposed transaction. Additional information on the proposed business combination is available here.

About DeepGreen

DeepGreen Metals Inc. is a Canadian explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga. In March 2021, DeepGreen announced that it had entered into a business combination agreement with Sustainable Opportunities Acquisition Corporation (SOAC) to accelerate project development and become a publicly traded company on NASDAQ as 'The Metals Company'. More information is available at deep.green.

About Sustainable Opportunities Acquisition Corporation

Sustainable Opportunities Acquisition Corporation is a SPAC formed for the purpose of entering into a business combination with one or more businesses. While the Company may pursue a business combination in any industry, the Company intends to focus its search for a business that exists within industries that benefit from strong Environmental, Social and Governance ("ESG") profiles. While investing in ESG covers a broad range of themes, the Company is focused on evaluating suitable targets that have existing environmental sustainability practices or that may benefit, both operationally and economically, from the fo