Bill Gates, Jeff Bezos are among Billionaires paying $15 million to fund a search of metals used in electric vehicles.

A mineral company Kobold Metals will spend $ 15 million looking for materials with mining firm BlueJay, which will be backed by Jeff Bezos and Bill Gates.

 Bill Gates Climate and technology fund is KoBold Metals’ principal investor.

The mineral company on Monday agreed to join mining firm Bluejay to hunt for metals used in electric vehicles.

 KoBold Metals will spend $15 million to search for nickel, copper, cobalt, and platinum as part of BlueJay’s Disko-Nuussuaq project in Greenland, the world’s biggest island, BlueJay said in a statement.

The statement further said, “The mineral company’s principal investor is Breakthrough Energy Ventures, a climate and technology fund led by Microsoft co-founder Bill Gates”.

Amazon founder Jeff Bezos, Bloomberg founder Michael Bloomberg, and Bridgewater Associates founder Ray Dalio are also investors, according to the statement.

Other investors in KoBold include Silicon Valley VC fund, Andreessen Horowitz, and Norwegian state-owned energy company Equinor.

KoBold CEO Kurt House said in the statement: “The Disko region has seen the rare convergence of events in earth’s history that could have resulted in forming a world-class battery metal deposit.”

“Disko is a project with great potential for the discovery of globally significant deposits of battery metals,” Blueyjay’s CEO Bo Møller Stensgaard added.

BlueJay also asserted that in return KoBold will have a 51% stake in the project.

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