On September 24, 2024, Scandinavian Ocean Minerals was granted a permit by the Geological Survey of Sweden (SGU)—the government authority responsible for issues relating to bedrock, soil, and groundwater in Sweden—to expand its exploration of mineral deposits in the Bothnian Bay.

Scandinavian Ocean Minerals was founded in 2020 and aims to contribute to the industry's need for a green transition by harvesting mineral-rich manganese nodules from the seabed. Last year, the company was granted exploration permits for two areas in the Bothnian Bay. The decision by SGU on September 24th allows the company to conduct exploration in two additional areas in the Bothnian Bay, 75 kilometers east of Skellefteå in Sweden.

"This is a milestone that gives us the opportunity to collect the data necessary to advance our ambition to assist the industry with the green transition," said Peter Lindberg, CEO of Scandinavian Ocean Minerals.

The mineral-rich manganese nodules will play an important role for Sweden and the EU in reducing dependency on imports of critical minerals and metals. Estimates show that there are around 20 million tons of manganese nodules on the seabed in the Bothnian Bay.

In October, Scandinavian Ocean Minerals will conduct a planned two-week expedition in the Bothnian Bay for sampling, in collaboration with Sweco, Europe's leading engineering and architecture consultancy. Alongside the company’s exploration efforts, researchers from Stockholm University are conducting an independent research project to increase knowledge about the habitat in the Bothnian Bay.

"The climate challenge, electrification, geopolitical situation, and green revolution in the industry—all are creating high demand for the minerals we can offer. Moreover, our technology is developed to harvest nodules in an environmentally friendly way, which is essential for being able to extract the manganese nodules," said Peter Lindberg, CEO of Scandinavian Ocean Minerals.