Qatar Investment Authority (QIA) has invested $180 million in TechMet, a Dublin-based critical minerals investment company.
“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,” QIA said in a statement on Wednesday. “Through this investment, QIA is supporting TechMet’s mission to build projects across critical minerals supply chains.”
The funds will be used to develop TechMet’s existing assets and to expand its portfolio with strategic projects focused on the production and refining of critical minerals, including lithium, nickel, cobalt and rare earths.
“We are delighted to partner with TechMet to invest in the responsible sourcing of critical minerals, which are crucial to the global green transition,” said Mohammed Al-Sowaidi, Chief Investment Officer of Americas at QIA. “This investment builds on QIA’s theme of diversified energy transition and critical minerals investments.”
The announcement sees TechMet meet its $300m fundraising target, with contributions from S2G Ventures, bringing their total commitment to $50 million, and an additional $50 million from the US Development Finance Corporation (DFC). The latest DFC commitment brings the US Government agency’s total investment in TechMet to $105 million, following an initial investment in 2020. TechMet is now valued at over $1 billion and is one of the largest private investors in critical minerals supply chains.
“QIA’s investment further highlights TechMet’s position as a leading global critical minerals investment company,” said TechMet Founder, Chairman and CEO, Brian Menell. “A major sovereign investor coming in alongside the US Government accelerates our ability to scale and expand the portfolio and build significant value across critical minerals supply chains.”
The transaction is subject to customary regulatory approvals.
