$TMC and Allseas Sign Commercial Agreement. Allseas To CoFund The Worlds First Commercial Nodule Collection System

TMC and Allseas signed the Contract for Development Work and Commercial Production this morning (May 11, 2026). This is the world's first commercial nodule collection system. Key points:

* **3.0 Mtpa production capacity** through the Hidden Gem surface vessel and two collector vehicles operating at 4km depth
* **Allseas will fund a significant portion of development costs**, recoverable through future production revenues. This is non-dilutive for TMC and shows their largest strategic shareholder doubling down with skin in the game
* **Concept and basic engineering complete** for the riser, Launch and Recovery Systems, and umbilical (the critical long-lead items)
* **Subcontract awards expected by end of Q3 2026**, tender process starting now
* Builds on the **successful 2022 pilot test where 3,000 tonnes of nodules were lifted to the surface**, proving the system works