The Qatar Funding Authority (QIA), the nation’s sovereign wealth fund, has invested $180m (QR655.2m) in Dublin-based mining funding firm TechMet.
QIA’s infusion will assist TechMet additional its efforts to facilitate tasks throughout the complete essential minerals provide chain.
The funding automobile, which can be backed by the US Worldwide Improvement Finance Company (DFC), helps each stage of the essential minerals provide chain together with extraction, processing, refining and recycling.
The funds from QIA can be directed in the direction of creating TechMet’s current belongings and increasing its portfolio with initiatives designed to spice up the manufacturing and refining of important essential minerals together with lithium, nickel, cobalt and uncommon earth components.
This funding displays QIA’s imaginative and prescient of increasing its portfolio throughout numerous industrial sectors, with a give attention to essential minerals. These sources are essential for driving the clear vitality transition.
The newest announcement helps TechMet attain its $300m (€275.36m) fundraising purpose.
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This features a follow-on funding from S2G Ventures, which brings its complete contribution to $50m, in addition to an extra $50m from the DFC.
The current dedication from the DFC raises the US Authorities company’s complete funding in TechMet to $105m, constructing on an preliminary funding made in 2020.
With a valuation exceeding $1bn, TechMet is now among the many largest non-public buyers within the essential minerals provide chain.
TechMet has allotted greater than $450m to essential minerals tasks since its launch, spanning belongings throughout North and South America, Europe and Africa.
TechMet founder, chairman and CEO Brian Menell stated: “QIA’s funding additional highlights TechMet’s place as a number one international essential minerals funding firm.
“A significant sovereign investor coming in alongside the US Authorities accelerates our skill to scale and develop the portfolio and construct vital worth throughout essential minerals provide chains. We additionally sit up for working intently with QIA on further future alternatives.”