Techmet raises $200M for tech metals

Helping to spur the production of critical minerals around the world, TechMet Ltd. announced the closing of its latest $200 million in equity funding to further invigorate its incredible lineup of technology metal assets around the globe.

Founded in 2017, TechMet is a capital investment firm focused on building businesses across the critical minerals value chain from mining to processing, recycling, and battery component manufacturing.

In the past year, TechMet has already invested more than $180 million into its critical assets around the world, including Brazilian Nickel, US Vanadium, Rainbow Rare Earths, TechMet-Mercuria, REEtec, Xerion Advanced Battery Corp., Energy Source Minerals, Momentum Technologies, Trinity Metals, and Cornish Lithium.

TechMet's current portfolio includes a diverse group of projects across the supply chain for the critical minerals needed for clean energy technologies, including: hard rock lithium mining and direct lithium extraction projects in the U.S. and Europe; nickel and cobalt extraction and processing in South America; rare earth extraction and processing in Southern Africa and the E.U .; tin, tungsten and lithium mining in East Africa; next-generation cathode manufacturing and lithium-ion battery recycling technologies in the U.S .; and the largest high purity vanadium chemical producer in North America.

The latest $200 million funding is being deployed across its existing portfolio of ten assets which are expanding extraction, processing, recycling, and manufacturing capacity.

The company hopes the injection of funds will continue to support its mission to build environmentally responsible supply chains for the metals to fuel future clean energy.

"We are grateful that we have such a strong shareholder base, and the US Government's direct backing, as we deliver on our mission to build environmentally responsible supply chains for the metals needed for the clean energy revolution," said TechMet CEO Brian Menell.

Additionally, the successful capital raise puts the company on track to exceed a billion-dollar valuation within the next few months.

Alongside Menell and his management team, TechMet's largest shareholders include the U.S. International Development Finance Corporation and Swiss-based Mercuria Energy, one of the world's largest energy and commodity trading groups, both of whom also participated in this influx.

London-based Lansdowne Partners also increased its investment and was joined by a number of significant new investors, including U.S.-based S2G Ventures, the direct investment team of Builders Vision – a platform for building a more humane and healthy planet.

"Recent US legislation supporting the critical minerals sector, and supply chain investments by major automakers, represent significant steps forward," said Menell. "The EU has also announced its long awaited Critical Raw Materials Act and, like the UK, is seeking to strengthen supply chains."

"However, there is much more work to be done, particularly in the UK and Europe, if we hope to adequately feed the production of batteries, EVs, wind turbines, and other clean energy systems," he added.

Last week, TechMet, the UK Infrastructure Bank, and the Energy & Minerals Group announced a landmark $67 million investment in Cornish Lithium to develop a UK supply of lithium for EV battery production and battery storage solutions.

"TechMet's rapid progress in the face of adverse market conditions, is a testament to the team's vision and focus," said Admiral Mike Mullen (ret.), former Chairman of the U.S. Joint Chiefs of Staff and present Chairman of TechMet's Advisory Board. "As national security challenges escalate, supply of critical metals is a crucial area of concern. Nations and companies that act quickly and imaginatively to secure adequate supplies will have a great competitive advantage over the next decade."

Headquartered in Dublin, with an office in London, TechMet's $200 million fundraising round follows a maiden dividend paid to shareholders last year.