TechMet, the start-up which is building projects to secure the supply of the key metals for EVs, energy storage and renewable energy has raised a $200 million equity round. The Dublin-based firm is on track to exceed a billion-dollar valuation in the next few months.
Founded in 2017 by Brian Menell, the company has secured support from the US International Development Finance Corporation (DFC) which became a key shareholder in the company in a 2020 funding round. 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 Menell.
TechMet says that it has invested more than $180 million into 'critical minerals companies' including Brazilian Nickel, US Vanadium, Rainbow Rare Earths, TechMet-Mercuria, REEtec, Xerion Advanced Battery Corp, Energy Source Minerals, Momentum Technologies, and Trinity Metals, over the last 12 months.
“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.”
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 Q4 this year.
Image credit: Thomas Richter