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Wall Street Embraces Ethereum, Quantum Computing Is Coming To Saudi Arabia, and Old Batteries Get New Life in EVs

Uncovering the world’s most exciting early stage companies. Discover what’s next.

May 25, 2024

Spot Ethereum ETFs Are Officially Hitting Wall Street

The United States Securities and Exchange Commission has officially announced the approval of spot Ethereum ETFs to list on major stock exchanges. This is the second time the SEC has approved a spot ETF for digital assets, following their historic approval of spot Bitcoin ETFs earlier this year.

Saudi Arabia Is Getting Their First Quantum Computer

Pasqal has announced a new partnership with oil giant Aramco to install the first ever quantum computer in Saudi Arabia. The agreement will see Pasqal install, maintain, and operate a 200-qubit quantum computer, which is scheduled for deployment in the second half of 2025.

Redwood Materials and General Motors Are Partnering Up On Battery Recycling

Redwood Materials has announced a new partnership to recycle the scrap from batteries being produced for General Motors (NYSE:GM) vehicles and turn them into new materials for electric vehicle batteries. Equipped with a recent $2 billion loan from the US Department of Energy, Redwood is aiming to turn as much of the cathode and anode scrap as possible into new, high quality battery materials for future domestic battery production.

The Sprint

  • The OpenAI Startup Fund has raised an additional $15 million to deploy into leading edge artificial intelligence startups.

  • Relocalize, a Montreal-based robotics automation startup, raised $5.8 million in a seed round to advance their micro factory technology for food and beverage production.

The Markets This Past Week

+19.0% | Bitcoin Well (TSXV:BTCW). The company announced that they surpassed 17,500 users on their Bitcoin portal that is focused on self-custody.

+12.5% | Talon Metals (TSX:TLO). The US Department of Energy’s Argonne Laboratory recently partnered with Talon to turn nickel ore into critical inputs for EV battery production.

+8.1% | District Metals (TSXV:DMX). The company received eight new approvals for mineral licenses from the government of Sweden, which included their historic Viken Deposit.

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