Deal sees TechMet reach initial $300m fundraising target, as it looks to scale up investment in clean tech mineral supply chains
The fast-expanding critical minerals sector received a further boost today, after the Qatar Investment Authority (QIA) announced it is to invest an initial $180m in critical minerals investment firm TechMet Limited.
Ireland-based TechMet said the deal – which is subject to customary regulatory approvals – means the company has met its latest $300m fundraising target, with the investment from the QIA adding to a follow-on investment from S2G Ventures and an additional $50m from the US International Development Finance Corporation (DFC).
The company said the fresh funding would now be used to expand its portfolio of projects that can scale up production of critical minerals in support of the clean tech industry, including lithium, nickel, cobalt, and rare earths.
The funds will also be used to develop TechMet’s existing assets, which include 10 assets across North and South America, Europe, and Africa. Investments to date from the company have totaled more than $450m and include Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, and Xerion Advanced Battery Corp.
Brian Menell, chairman and CEO at TechMet, said: “QIA’s investment further highlights TechMet’s position as a leading global critical minerals investment company. A major sovereign investor coming in alongside the US government accelerates our ability to scale and expand the portfolio and build significant value across critical minerals supply chains. We also look forward to working closely with QIA on additional future opportunities.”
The company said it was now valued at over $1bn, making it one of the largest private investors in critical mineral supply chains.
