TechMet closes $200 million equity raise to further develop critical minerals operations

August 17, 2023

TechMet, a Dublin, Ireland-based critical minerals investment company, announced that it has closed its latest $200 million equity fundraising round. The successful capital raise puts the company on track to exceed a billion-dollar valuation in the next few months.

In a statement, TechMet said the latest $200 million funding will be deployed across TechMet’s existing portfolio of ten assets which are expanding extraction, processing, recycling and manufacturing capacity.

The company is a private investment vehicle for nickel, lithium and other critical minerals that will help the west combat China’s dominance of global critical mineral supply chains.

TechMet, founded in 2017, is a permanent capital vehicle focused on building businesses across the critical minerals value chain from mining and processing to recycling and battery component manufacturing. TechMet develops environmentally and socially responsible projects which are essential for the production of clean energy technologies.

Demand for critical minerals is expected to grow by three and a half times by 2030, which would keep the world on track to reach net zero targets, according to the International Energy Agency. However, mining projects can take many years, even decades, to develop, which could lead to shortages.

The U.S. International Development Finance Corporation (DFC) is a key shareholder in the company, following an initial equity investment in 2020.

TechMet Founder, Chairman and CEO, Brian Menell, said: “We are grateful that we have such a strong shareholder base, and the U.S. 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.”

Alongside Menell and his management team, TechMet’s largest shareholders are the DFC and Swiss-based Mercuria Energy, one of the world’s largest energy and commodity trading groups, both of whom participated in this funding round.

London-based Lansdowne Partners also increased its investment, and was joined by a number of significant new investors including US-based S2G Ventures, the direct investment team of Builders Vision.

Menell added: “Recent U.S. legislation supporting the critical minerals sector, and supply chain investments by major automakers, represent significant steps forward. 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.”

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. 

In the last 12 months, TechMet has invested more than $180 million into critical minerals companies around the world, including Brazilian Nickel, U.S. Vanadium, Rainbow Rare Earths, TechMet-Mercuria, REEtec, Xerion Advanced Battery Corp, Energy Source Minerals, Momentum Technologies, and Trinity Metals. 

Admiral Mike Mullen (ret.), Chairman of TechMet’s Advisory Board and former Chairman of the U.S. Joint Chiefs of Staff, said: “TechMet’s rapid progress in the face of adverse market conditions, is a testament to the team’s vision and focus. 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.”

TechMet’s current portfolio includes a diverse group of projects across the supply chain for the critical minerals needed for clean energy technologies, including both hard rock lithium mining and Direct Lithium Extraction (DLE) 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 EU; 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.

TechMet’s $200 million fundraising round follows a maiden dividend paid to shareholders last year. Given the extent of investor appetite and the range of compelling opportunities to deploy further capital, TechMet is expecting to launch a further fundraising round in the fourth quarter this year.



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