Since its inception, the Dublin-based TechMet has invested greater than $450 million into tasks throughout North and South America, Europe, and Africa. These embrace: Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, Xerion Superior Battery Corp, TechMet-Mercuria, Rainbow Uncommon Earths, REEtec and Momentum Applied sciences.
This funding by Qatar Funding Authority comes because the US authorities intensifies its efforts to decrease China’s dominance within the crucial minerals market.
As a part of this initiative, the Biden administration has sought to steer Saudi Arabia, Qatar and the United Arab Emirates to put money into US-led tasks geared toward extracting and processing minerals for industrial use.
Qatar is a key US ally within the Gulf and in addition a big LNG provider to China.
“There’s a recognition it will probably’t simply be home [mining and processing] and it will probably’t simply be US cash,” TechMet CEO Brian Menell advised the Monetary Instances on Wednesday.
The $180 million funding is a part of a $300 million sixth funding spherical, suggested by Rothschild, which has boosted TechMet’s valuation to over $1 billion.
“A significant sovereign investor coming in alongside the US authorities accelerates our capacity to scale and develop the portfolio and construct vital worth throughout crucial minerals provide chains,” Menell stated.