- QIA’s $180 million investment in TechMet helps the company reach its $300 million fundraising target and positions QIA as a major investor.
- TechMet focuses on critical minerals like lithium, nickel, cobalt, and rare earths, essential for the global clean energy transition.
- The investment, including contributions from S2G Ventures and the DFC, brings TechMet’s valuation to over $1 billion.
- TechMet has invested over $450 million in critical minerals projects worldwide, strengthening its global portfolio.
The Qatar Investment Authority (QIA) has announced a significant investment in TechMet, committing $180 million to the company. This move positions QIA as one of TechMet’s largest investors, joining other major backers such as the U.S. International Development Finance Corporation (DFC) and S2G Ventures.
With this substantial investment, TechMet has successfully reached its $300 million fundraising target.
Importance of Critical Minerals
TechMet focuses on developing businesses across the critical minerals value chain, including extraction, processing, refining, and recycling.
The funds from QIA will be used to enhance TechMet’s existing assets and scale the production of essential minerals like lithium, nickel, cobalt, and rare earths. These minerals are crucial for advancing the global clean energy transition.
QIA’s Commitment to Sustainable Investments
QIA’s investment in TechMet underscores its dedication to securing a supply of responsibly sourced critical minerals.
This aligns with QIA’s broader ambition to invest in diverse industrial sectors, particularly those that support the clean energy transition. By investing in TechMet, QIA is contributing to the global market’s growing demand for sustainable energy solutions.
Reaching Fundraising Milestones
This investment milestone allows TechMet to reach its $300 million fundraising goal. The funds include a follow-on investment from S2G Ventures, bringing their total commitment to $50 million, and an additional $50 million from the DFC.
The DFC’s latest investment takes its total commitment to TechMet to $105 million since its initial investment in 2020. Now valued at over $1 billion, TechMet stands as one of the largest private investors in critical minerals supply chains.
Mohammed Al-Sowaidi, Chief Investment Officer of Americas at QIA, expressed enthusiasm about the partnership. He emphasized the importance of investing in the responsible sourcing of critical minerals, which are vital to the global green transition. Al-Sowaidi highlighted that this investment builds on QIA’s theme of diversified energy transition and critical minerals investments.
Brian Menell, TechMet’s Founder, Chairman, and CEO, also welcomed the investment. He noted that QIA’s involvement alongside the U.S. Government accelerates TechMet’s ability to scale and expand its portfolio, creating significant value across critical minerals supply chains. Menell expressed anticipation for future opportunities to collaborate with QIA.
TechMet’s Global Portfolio
Since its inception, TechMet has invested more than $450 million into various critical minerals projects.
These investments span North and South America, Europe, and Africa, and include notable projects like Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, Xerion Advanced Battery Corp, TechMet-Mercuria, Rainbow Rare Earths, REEtec, and Momentum Technologies. Throughout the fundraising process, TechMet has been advised by Rothschild & Co.
Regulatory Approvals
The transaction between QIA and TechMet is subject to customary regulatory approvals. This ensures that all aspects of the investment comply with relevant legal and regulatory frameworks.
QIA’s $180 million investment in TechMet represents a significant step towards securing the supply of critical minerals necessary for the clean energy transition.
This strategic partnership not only strengthens TechMet’s position in the global market but also aligns with QIA’s broader goals of promoting sustainable investments. As TechMet continues to develop and scale its operations, this investment will play a crucial role in advancing the global transition to sustainable energy solutions.
About QIA
The Qatar Investment Authority (QIA) is the sovereign wealth fund of the State of Qatar, established in 2005 to manage and invest the state reserve funds. QIA is one of the largest and most active sovereign wealth funds globally, investing across a wide range of asset classes and regions.
By partnering with leading institutions around the world, QIA builds a diversified investment portfolio with a long-term perspective. This approach aims to deliver sustainable returns and contribute to Qatar’s prosperity.
About TechMet
TechMet Limited is a leading global critical minerals investment company. It has a portfolio of ten assets across four continents, focusing on the responsible production, processing, refining, and recycling of minerals essential for 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.
