Clean Energy | August 16, 2023

TechMet rakes in $200 million to meet global demand for critical minerals

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, August 16 — The energy transition will require ever-more lithium, nickel and cobalt for electric vehicles, batteries, solar panels and wind turbines. Demand for these minerals will grow more than 20-fold by 2035, according to S&P Global.

Dublin-based TechMet is building a portfolio of “environmentally and socially responsible” projects and companies, from mining and brine extraction to processing and recycling. TechMet has invested more than $180 million in the past year, including in sustainable nickel and cobalt producer Brazilian Nickel and Rwanda’s Trinity Metals, a “responsible” producer of tin, tungsten and tantalum.

Last week, TechMet backed UK-based Cornish Lithium to build lithium supply for EV battery production and storage.

Global investor roster

Investors in TechMet’s round include the UK’s Lansdowne Partners, Swiss-based Mercuria Energy and Chicago-based S2G Ventures. The US International Development Finance Corp., which last year took a $30 million stake in TechMet, reupped in the company.

“Nations and companies that act quickly and imaginatively to secure adequate supplies will have a great competitive advantage over the next decade,” said Adm. Mike Mullen (ret.), who chairs TechMet’s advisory board. TechMet is hoping to reduce global reliance on China for critical minerals and rare earth elements.

The Inflation Reduction Act, which turns one year old this week, includes incentives for US production of critical minerals.