TechMet closes its second funding round at $120M
- TechMet the private strategic metals company backed by the US DFC, closes its second equity funding round with a 50% oversubscription
- Largest shareholders now include DFC, Lansdowne Partners and Mercuria.
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DUBLIN, LONDON and WASHINGTON, April 16, 2021 /PRNewswire/ TechMet has announced the closing of its second-round equity fundraising at $120m. The close represents a 50% oversubscription on its $80m target. The final $60m was raised at a 32% increase over the company s initial Round 2 price, and a 140% increase over its Round 1 price.
TechMet invests in projects across the supply chain of the metals critical to electric vehicles and renewable energy systems that form the basis of the green industrial revolution.
Dublin-headquartered TechMet raises $120m, seeking a further $250m Company invests in rare metals used in electric vehicles and tech products
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TechMet, a Dublin-headquartered company that invests in assets that produce rare metals, has raised $120 million (€83 million) and intends to secure a further $250 million in the coming months.
The company was founded in 2017 by British/South African metals industrialist, Brian Menell, who also leads Kemet Group, a company focused on developing natural resource projects across sub-Saharan Africa.
TechMet invests in assets that produce metals for which global demand will vastly outweigh supply as the world moves to clean energy technologies. Among the metals it is focused on are lithium, cobalt, nickel, rare earth metals, tin, tungsten, and vanadium. Many of these metals are used in solutions such as electric vehicles and renewable energy systems.
TechMet, a Dublin, Ireland-based private company that invests in projects across the supply chain of the metals critical to electric vehicles and renewable energy systems that form the basis of the green industrial revolution, closed its second-round equity fundraising, at $120m.
TechMet’s largest shareholders now include:
the US International Development Finance Corporation (DFC – the US Government’s development finance institution);
Lansdowne Partners;
TechMet Chairman and CEO, Brian Menell.
Founded in 2017 by Menell, a British/South African metals industrialist, TechMet is building projects that produce, process and re-cycle “technology metals” critical to EVs, renewable energy systems and energy storage.
The company’s target metals include: lithium, cobalt, nickel, rare earth metals, tin, tungsten, and vanadium.
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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.