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August 17, 2023

TechMet Raises $200M to Fuel Critical Minerals Supply for EVs and Renewables

TechMet raises $200M for EV Metals and the firm, backed by the US government

In a resounding move toward securing the foundation of the clean energy revolution, TechMet, the innovative startup championing critical minerals for electric vehicles, energy storage, and renewable energy, has successfully concluded a $200 million equity funding round. With a strategic foothold in Dublin, this trailblazing company is poised to surpass a billion-dollar valuation in the coming months.

TechMet's meteoric rise is underpinned by its unwavering commitment to sustainable mineral supply chains. Spearheaded by visionary Brian Menell since its inception in 2017, the startup garnered the pivotal support of the US International Development Finance Corporation (DFC) in a transformative 2020 funding round. This strategic partnership fortified TechMet's shareholder portfolio, which now boasts the likes of Mercuria Energy, Lansdowne Partners, S2G Ventures, and other notable investors, underscoring the significance of its mission.

"As we embark on our mission to forge environmentally responsible mineral supply chains for the clean energy revolution, the strength of our shareholder base, coupled with the direct backing of the US Government, propels us forward," affirms Menell, reflecting on the company's monumental strides.

TechMet's footprint spans far beyond financial backing, with over $180 million poured into pivotal 'critical minerals companies' over the past year. Notable investments include Brazilian Nickel, US Vanadium, Rainbow Rare Earths, and more. This strategic allocation of resources underscores TechMet's unrelenting commitment to underpinning the production of batteries, EVs, wind turbines, and clean energy systems.

As legislative winds of change sweep across the US and the EU, bolstering the critical minerals sector and emphasizing supply chain resilience, TechMet stands at the forefront of transformative action. "The recent US legislation and automakers' supply chain investments signal significant progress. The EU's Critical Raw Materials Act echoes this commitment, while the UK and Europe seek to fortify their supply chains," notes Menell. Yet, the road ahead remains steep, particularly in Europe and the UK, where the demand for batteries, EVs, and renewable energy systems necessitates a robust supply chain foundation.

TechMet's $200 million funding triumph comes on the heels of a maiden dividend disbursed to shareholders last year, underscoring the company's commitment to delivering value. With investor enthusiasm running high and a spectrum of promising opportunities beckoning, TechMet sets its sights on a future fundraising round slated for Q4 this year.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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