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The rapidly growing critical minerals sector received a significant uplift today. The Qatar Investment Authority (QIA) has committed an initial $180 million to TechMet Limited, a firm dedicated to investing in clean tech mineral supply chains.
Based in Ireland, TechMet announced that this deal, pending customary regulatory approvals, allows it to meet its latest $300 million fundraising goal. This achievement is bolstered by a follow-on investment from S2G Ventures and an additional $50 million from the US International Development Finance Corporation (DFC).
The newly acquired funds will be deployed to expand TechMet's portfolio of projects to ramp up the production of critical minerals essential for the cleantech industry, including lithium, nickel, cobalt, and rare earths.
Moreover, the investment will further develop TechMet's current assets. The company oversees ten assets across North and South America, Europe, and Africa. TechMet has invested over $450 million in various ventures, including Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, and Xerion Advanced Battery Corp.
Brian Menell, chairman and CEO at TechMet, said: "QIA's investment further highlights TechMet's position as a leading global critical minerals investment company. A major sovereign investor coming in alongside the US 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."
The company said it was now valued at over $1bn, making it one of the largest private investors in critical mineral supply chains.
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