Global critical minerals investment company TechMet has completed its equity fundraising round of $200m (€183.17m), to secure the supply of the key metals needed for clean energy.
The fundraising saw participation from TechMet shareholders DFC and Swiss-based Mercuria Energy. Lansdowne Partners increased its investment in TechMet.
Several significant new investors including US-based S2G Ventures, the direct investment team of Builders Vision, also joined the round.
TechMet will use the capital to construct and expand production, refining and recycling projects, to support the switch to clean energy.
It will be used across ten assets for expanding extraction, processing, recycling and manufacturing of critical minerals.
TechMet founder, chairman and CEO Brian Menell, said: “Recent US 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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
“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 [electric vehicles], wind turbines and other clean energy systems.”
Backed by the US Development Finance Corporation, TechMet is expected to exceed a valuation of $1bn in the next few months.
The company has invested more than $180m in the past 12 months into critical minerals projects.
In a press statement it said: “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 Q4 this year.”