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Green Tech Metals Investor Closes $120M Funding Round
Law360 (April 16, 2021, 5:30 PM EDT) TechMet, an investment group focused on metals used for things such as electric vehicles and renewable energy technologies, said Friday it closed on an oversubscribed $120 million funding round and that it hopes to raise an additional roughly $250 million later this year.
Ireland-based TechMet Ltd. said in a statement its second equity round exceeded its initial $80 million target and that its largest investors now include the United States International Development Finance Corp., Lansdowne Partners and TechMet Chairman and CEO Brian Menell. We are at the beginning of an epic supply-demand dislocation for the metals that go into [electric vehicles].
TechMet closes its second funding round at $120M finanznachrichten.de - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from finanznachrichten.de Daily Mail and Mail on Sunday newspapers.
By Reuters Staff
2 Min Read
(Reuters) - Mining investment firm TechMet, which counts the U.S. government as its largest investor, said on Thursday it had closed its second round of funding at $120 million, roughly 50% higher than initially expected.
The firm, which controls battery recycler Li-Cycle Corp, has now raised nearly $133 million between its two rounds of funding. TechMet plans to use the funds to continue investments in mines and other projects that produce metals used to make electric vehicles.
“Our industry must completely transform itself in order to supply these strategic materials in the quantities necessary,” said Brian Menell, TechMet’s chief executive.
It has received an installation licence for PNP1000, the initial, small-scale production phase of its Piauí nickel-cobalt project, in Brazil’s north-east.
TechMet s Battery Recycler Li-Cycle Enters SPAC Listing on New York Stock Exchange prnewswire.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from prnewswire.com Daily Mail and Mail on Sunday newspapers.