8/7/2024
- QIA to become one of TechMet’s largest investors, with an investment commitment of $180m, adding to existing investments from the U.S. International Development Finance Corporation (“DFC”) and S2G Ventures
- Funds to be used to develop TechMet’s existing assets and to scale production of critical minerals such as lithium, nickel, cobalt and rare earths
- This investment aligns with QIA’s ambition to continue investing in critical minerals which are required to advance the clean energy transition
Doha, London, Dublin - August 7, 2024 – Qatar Investment Authority (QIA) has announced today an initial $180m investment in TechMet, reflecting QIA’s commitment to secure the supply of responsibly sourced critical minerals. TechMet is an investment company focused on building businesses across the critical minerals value chain, from extraction and processing to refining and recycling.
This investment 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. Through this investment, QIA is supporting TechMet’s mission to build projects across critical minerals supply chains.
Funds will be used to develop both TechMet’s existing assets and to continue to build its portfolio with strategic projects that scale production and refining of its target critical minerals, which include lithium, nickel, cobalt, and rare earths.
The announcement sees TechMet meet its $300m fundraising target, adding to a follow-on investment from S2G Ventures, bringing their total commitment to $50m; and an additional $50m from the DFC. The latest DFC commitment takes the U.S. Government agency’s total investment in TechMet to $105m, 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.
Commenting on the announcement, Mohammed Al-Sowaidi, Chief Investment Officer of Americas at QIA said: “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.”
TechMet Founder, Chairman and CEO, Brian Menell, 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 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.”
The Transaction is subject to customary regulatory approvals.
About TechMet
TechMet Limited is a leading global critical minerals investment company with a current portfolio of ten assets across four continents that responsibly produce, process, refine and recycle the minerals that will power the 21st century economy. TechMet’s major shareholders include the U.S. International Development Finance Corporation (DFC), S2G Ventures, and the global energy and commodity group Mercuria.