QIA announced it will become one of TechMet’s largest investors, with an investment commitment of $180 million, which adds to existing investments from the U.S. International Development Finance Corporation (DFC) and S2G Ventures. TechMet is an investment company focused on building businesses across the critical minerals value chain, from extraction and processing to refining and recycling.
This funding aligns with QIA’s ambition to invest in a broad range of areas in the industrials sectors such as critical minerals, which are required to advance the clean energy transition and to help address the growing demand in the global market for sustainable energy solutions. With this investment, QIA supports TechMet’s mission to build projects across critical minerals supply chains.
The funds will be used to develop TechMet’s existing assets and to continue to build its portfolio with strategic projects that scale production and refining of its target critical minerals, including lithium, nickel, cobalt, and rare earths. This announcement sees TechMet meet its $300 million fundraising target, adding to a follow-on investment from S2G Ventures, bringing a total commitment to $50 million; and an additional $50 million from the DFC.
This commitment takes the U.S. Government agency’s total investment in TechMet to $105 million, following an initial investment in 2020. Now valued at well over $1 billion, TechMet is one of the largest private investors in critical minerals supply chains.
Since being founded, TechMet has invested over $450 million into critical minerals projects in its existing portfolio of assets across North and South America, Europe and Africa, including: Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, Xerion Advanced Battery Corp, TechMet-Mercuria, Rainbow Rare Earths, REEtec, and Momentum Technologies.
TechMet has been advised by Rothschild & Co through this fund-raising process. And the deal is subject to customary regulatory approvals.
KEY QUOTES:
“We are delighted to partner with TechMet to invest in the responsible sourcing of critical minerals, which are crucial to the global green transition. This investment builds on QIA’s theme of diversified energy transition and critical minerals investments.”
- Mohammed Al-Sowaidi, Chief Investment Officer of Americas at QIA
“QIA’s investment further highlights TechMet’s position as a leading global critical minerals investment company. A major sovereign investor coming in alongside the U.S. 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.”
- TechMet Founder, Chairman, and CEO Brian Menell
