Headquartered in Dublin, the company is actively developing initiatives aimed at ensuring a stable source of essential metals crucial for electric vehicles (EVs), energy storage, and renewable energy applications. It is poised to surpass a valuation of one billion dollars in the upcoming months. Notably, the company garnered significant backing from the US International Development Finance Corporation (DFC), a pivotal shareholder. The DFC, Mercuria Energy, Lansdowne Partners, S2G Ventures and several other new investors participated in the current round.
“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,” says TechMet Founder, Chairman and CEO, Brian Menell.
Over the past year, TechMet has allocated over $180 million in investments to various ‘critical minerals’ companies like Brazilian Nickel, US Vanadium, Rainbow Rare Earths, TechMet-Mercuria, REEtec, Xerion Advanced Battery Corp, Energy Source Minerals, Momentum Technologies, and Trinity Metals.
“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,” says Menell. “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.”
Admiral Mike Mullen (ret.), Chairman of TechMet’s Advisory Board and former Chairman of the US 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 $200 million fundraising round follows a maiden dividend paid to shareholders last year. Given the substantial interest from investors and the array of opportunities to deploy further capital, TechMet anticipates initiating another fundraising round in Q4 this year.