The Coring Company (TCCs) has now signed a $50 million revenue cap sales agreement with Canada’s Teako Minerals. The company itself said in a press release on Thursday.
Continuing their previously announced partnership, the two companies signed an agreement regarding the supply of TCC’s patented hardware and software to the mining industry, the press release reads.
Rana Bilad had previously mentioned the partnership between the two companies in April of this year. Then founder Rana Frida Klapo-Fonstadt, 30, who is behind The Coring Company, among others, stated:
– The mining industry is an important factor in the green transition in the world, and through our collaboration with Teako, a visionary company in technology and innovation in this sector, we believe we can make a difference.
Coring is partnering with a Canadian company. Pioneering solutions must be developed for the mining industry
The total framework is a minimum of NOK 50 million
In Thursday’s press release, TCC stated that the collaboration with Teako is focused on creating long-term value for shareholders of the two companies using TCC’s platform and hardware solutions, against Teako’s portfolio of projects and other related resources.
The previously concluded agreement, in April of this year, forms the basis for the sale and development of TCC’s products and services for the mining sector towards Teako Minerals and the network alliance of which TCC is a part.
Today’s deal is the first sale of a TCC solution to the mining industry, which is expected to be commercially available in 2024.
The agreement now entered into is the result of a previous agreement and is a sales agreement with a total framework of at least NOK 50 million.
– an important landmark
In Thursday’s press release, Klæbo stated that the agreement is an exciting opportunity for the company:
– This agreement with Teako Minerals Corp. is an exciting opportunity to expand the reach of SCS’s innovative exploration product. We are pleased to have Teako, a company known for its commitment to innovative practices, as the exclusive licensee for one of our products. It is a clear demonstration of our shared belief in the power of technology to revolutionize fieldwork procedures in the mining industry, she says and continues:
This collaboration not only expands the use of our technology, but also underscores our vision to drive efficiency in mining applications.
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Teako Minerals CEO Sven Gollan stated that the collaboration marks a major milestone.
– This strategic cooperation with Coring represents a milestone for our company. The exclusive license to the SCS Exploration Product allows us to leverage cutting-edge technology to improve our fieldwork procedures, reduce sample material use while improving the accuracy and efficiency of our operations, he says and continues:
At Teako, we are committed to challenging the limits of what is possible in mineral exploration, and this agreement cements our position at the forefront of technological advancement in the industry.
The Coring Company (TCC) and Teako Minerals
Coring Corporation (TCC) is a Norwegian technology company that develops software and hardware solutions for basic investigations in construction and mining. Founded in 2019, the company’s products are based on patented technology and research conducted by founder and CEO Frida Vonstad in connection with her PhD work at University College London and the University of Oxford. The purpose of the Company’s products/solutions is to help reduce costs, reduce CO2 emissions and reduce risks when performing basic investigations.
Teako Minerals Corp. It is a Canadian exploration company focused on creating value for its shareholders through exploration, acquisition and mineral project development. The company represents a network of existing international companies directly related to the mining industry. They will be included as part of the resources the collaboration can draw upon.
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