CISION PR NEWSWIRE: EnergySource Minerals Raises Strategic Investment from Schlumberger and TechMet to Scale Lithium Extraction Technology

The new investment partnership accelerates development of the most advanced and viable lithium extraction platform, known as ILiAD, which is already in deployment and operation.

EnergySource Minerals today announced a new round of investment led by Schlumberger New Energy and TechMet Ltd. The Schlumberger New Energy investment includes a strategic partnership to accelerate the deployment of the ILiAD lithium extraction platform and integrate it into the front end of the process used by NeoLith Energy, a Schlumberger New Energy venture. The platform has been piloted at demonstration scale for over 6 years on a variety of real-world brines. Schlumberger will scale up testing at NeoLith Energy's pilot plant in Nevada and deploy it at a global scale.

"As the world projects a significant supply shortage of various critical minerals such as lithium, the time is particularly ripe for our Schlumberger and TechMet partnership," noted Eric Spomer, EnergySource Minerals President and CEO. "Simply put, we have found a way to make battery material production more efficient, economical, and sustainable. We continue to push the envelope to reduce environmental impact, which is really the obligation of the industry."

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MINING.COM: Cornish Lithium gets $24 million to develop UK assets

Cornish Lithium, the start-up hoping to lead the development of an industry for the battery metal in the UK, has secured up to £18 million ($24 million) from metals-focused investment company TechMet to help fast-track its lithium projects in the homeland.

The exploration company, which is focused on the environmentally sustainable extraction of lithium from geothermal waters and hard rock in the historic mining district of Cornwall, said the funds injection was “transformational.”

Cornish Lithium said the investment will allow it to accelerate the construction of a demonstration plant for lithium processing, a feasibility study for its Trelavour project, and conduct additional drilling.

This is the first institutional investment in Cornish Lithium, which has previously used crowdfunding to raise new capital.

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USA TODAY: Ahead of Biden’s climate change summit, America is losing vital ground on clean energy

To remain a leader in the energy and automotive arenas, we must secure adequate supplies of metals needed to power a new industrial revolution.

To win the battle against climate change, the world must undergo a dramatic shift in how we produce and use energy. The technologies enabling this transition require an increased supply of critical materials on an unprecedented scale.

If the United States is to remain a leader in the energy and automotive arenas, we must secure adequate supplies of the metals necessary to power the 21st century’s industrial revolution.

On Thursday, President Joe Biden will welcome as many as 40 world leaders to the White House for an unprecedented summit on climate change. High on the agenda are two key themes: Spurring transformational technologies that can help reduce emissions, and mobilising public and private sector finance to drive the transition to net-zero emissions.

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REUTERS: Mining investor TechMet closes second funding round at $120 million

(Reuters) - Mining investment firm TechMet, which counts the U.S. government as its largest investor, said on Thursday it had closed its second round of funding at $120 million, roughly 50% higher than initially expected.

The firm, which is an investor in battery recycler Li-Cycle Corp, has now raised nearly $133 million between its two rounds of funding. TechMet plans to use the funds to continue investments in mines and other projects that produce metals used to make electric vehicles.

“Our industry must completely transform itself in order to supply these strategic materials in the quantities necessary,” said Brian Menell, TechMet’s chief executive.

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TECHMET PRESS RELEASE: 15 April 2021

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TechMet closes its second funding round at $120M

  • TechMet the private strategic metals company backed by the US DFC, closes its second equity funding round with a 50% oversubscription.
  • Largest shareholders now include DFC, Lansdowne Partners and Mercuria.

15th April 2021, Dublin, London, Washington D.C. - TechMet has announced the closing of its second-round equity fundraising at $120m. The close represents a 50% oversubscription on its $80m target.  The final $60m was raised at a 32% increase over the company’s initial Round 2 price, and a 140% increase over its Round 1 price.

TechMet invests in projects across the supply chain of the metals critical to electric vehicles and renewable energy systems that form the basis of the green industrial revolution.

TechMet’s largest shareholders now include the US International Development Finance Corporation (DFC – the US Government’s development finance institution); Lansdowne Partners (one of London’s foremost investment institutions); and Mercuria (the global energy trading company); together with TechMet Chairman and CEO, Brian Menell.

The critical metals company was founded in 2017 by British/South African metals industrialist, Brian Menell, with the aim of developing assets that produce metals for which global demand will vastly outweigh supply as the world moves to clean energy technologies.  Its assets include Li-Cycle Corp – the lithium-ion battery recycling company which recently merged with Peridot SPAC; Brazilian Nickel – the mining and extraction company producing nickel and cobalt suitable for EV batteries; US Vanadium – which produces vanadium products suitable for redox flow batteries; and Tinco – a portfolio of producing tin and tungsten mines.

Founder, Chairman and CEO, Brian Menell, stated:

The closure of this funding round marks a significant milestone for TechMet and its oversubscription is a clear reflection of our great projects and of the value the team has created in a short time. These funds give us a significant amount of firepower to expand our operations and add to our portfolio.

We are fortunate to be at an inflection point in history of both enormous opportunity and enormous challenge. We are at the beginning of an epic supply-demand dislocation for the metals that go into EVs and renewable energy systems, and our industry must completely transform itself in order to supply these strategic materials in the quantities necessary, and with the required high Environmental, Social and Governance standards and low carbon footprint, to ensure the success of a clean energy future.

TechMet’s mission is to build ethical, independent, and environmentally sound supply chains for the metals that are needed to ensure the success of this 21st Century clean energy and EV revolution.

Former chairman of the US Joint Chiefs of Staff, and Chairman of TechMet’s Advisory Board, Admiral Mike Mullen, commented:

“I applaud TechMet’s achievement in closing this round of funding - it is a testament to the team’s foresight, positioning, and ability.  As the world adopts new technologies, the supply of critical metals becomes a more pressing national security challenge for the US and its allies. TechMet’s achievements and credibility now firmly position it to help to deal with these challenges.”

Following the success of this round, TechMet is planning a third round equity raising  in Q2/Q3 2021 to secure an additional +/- $250m to further scale its core operations and expand its portfolio.


About TechMet

TechMet is a private company building world class projects that produce, process and re-cycle “technology metals” critical to EVs, renewable energy systems and energy storage. TechMet’s target metals include: lithium, cobalt, nickel, rare earth metals, tin, tungsten, and vanadium.  TechMet’s core investments include:

  • Brazilian Nickel PLC – nickel and cobalt production in Brazil
  • Li-Cycle – lithium-ion battery recycling in Canada and the US.
  • US Vanadium – vanadium specialty chemicals production in Arkansas (USA).
  • Tinco – the largest tin and tungsten mines in Rwanda

TechMet also has an interest in a producing Rare Earths metals project and is developing TechMet Ventures to invest in new opportunities across the supply-chain.

Media Contacts

The PR Office: Marc Cohen & Tom Gilby

Tel: +44 (0) 7741 052 506 or +44 (0) 7979 083 456
Email: TechMetPRO@theproffice.com

THE TELEGRAPH: Race for heavy metals puts electric car revolution at risk

Raw materials are vital to the green technology revolution, but China's insatiable thirst could leave Britain in its dust cloud

The mining giant China Molybenedum planted its flag in the Democratic Republic of Congo’s prized 350km copper belt four years ago, paying $2.6bn (£2bn) for the Tenke Fungurume mine from Freeport McMoran....

It expanded its empire in December, paying another $550m for Freeport’s nearby Kisanfu mine, giving it access to further 6.3m tonnes of copper and 3.1m tonnes of cobalt.

Chinese companies now dominate mining in the central African country that produces 70pc of the world’s cobalt – a trend eyed warily around the world as others wake up to their own growing needs.

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THE ECONOMIST: Mission critical Governments have identified commodities essential to economic and military security

Cut deep into the desert rock of southern California are the jagged tiers of an open-pit mine. Mountain Pass is North America’s only mine of rare-earth metals, used in everything from fighter jets to the drive-trains of electric cars. In 2015 Mountain Pass shut, unable to compete with rare-earth producers in China. But it has begun a new chapter. mp Materials, which bought the mine in 2017, said on March 18th that production in 2020 jumped by 40%. More expansion is planned. With grants awarded by America’s defence department last year, mp Materials will build facilities to process rare earths, part of an effort to secure supply independent from China.

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