News

Congressional Testimony before the U.S.-China Economic and Security Review Commission

Hearing on “China’s Domestic Energy Challenges and Its Growing Influence over International Energy Markets”

Watch China’s domestic energy challenges testimony

S&P Global - INTERVIEW: West urgently needs to redress critical minerals balance: TechMet CEO

Further steps to redress the balance of supplies in critical minerals are urgently needed but displacing China's overwhelming dominance in the sector will be a long and difficult exercise, with Western countries likely to be reliant on the Asian giant’s supply chains for at least the next decade, TechMet CEO Brian Menell told Platts in an interview.

Listen to the critical minerals interview

Bloomberg - 17 March 2025

Brian Menell was interviewed on Bloomberg TV to discuss critical minerals investment opportunities in Ukraine, what is needed to successfully develop such projects, and the potential impact of a U.S.-Ukraine minerals deal.

Watch the critical minerals interview

Op-ed: The Washington Times - China’s critical mineral monopoly threatens U.S. national security

“Unchaining America from dependence on China’s critical mineral supply chains is a national security imperative.”

– Brian Menell 

Read the China critical mineral op-ed

Web Summit Qatar 2025

At the Web Summit in Doha, TechMet CEO Brian Menell spoke on a panel about the urgent need to secure critical mineral supply chains, reduce reliance on China, and invest in sustainable, innovative extraction. He also noted the opportunities and challenges in regions like Ukraine.

Watch the Qatar 2025 discussion

Smarter Markets

“Critical minerals and the security of supply to US industry, domestic processing, and domestic production are areas that require really bold government action in order to catalyse the scale of growth that the country and the world needs. I think and hope that we’ll see innovative and bold moves to support our industry.” – Brian Mennell

We close out The State of Play in Battery Metals this week with Brian Menell, Chairman & CEO at TechMet. David Greely sits down with Brian to discuss how short-term oversupply is distracting us from making the investments needed to meet the growing medium-term demand for battery metals and critical minerals – and why governments and sovereign wealth funds may need to take the lead on financing the investment that is needed.

Listen to the Smarter Markets podcast

Financial Times: Qatar invests in US-backed fund to loosen China dominance of critical minerals

Qatar has invested in a US-backed initiative designed to loosen China’s dominance of minerals critical to clean energy in the first such collaboration between a western and Gulf state.

Qatar’s sovereign wealth fund has agreed to invest $180mn in TechMet, a Dublin-based mining investment vehicle backed by the US International Development Finance Corporation, the country’s development bank.

Read more about the US-backed Qatari initiative

PRESS RELEASE: QIA to Invest $180 Million in TechMet

• QIA to become one of TechMet’s largest investors, with an investment commitment of $180m, adding to existing investments from the U.S. International Development Finance Corporation (“DFC”) and S2G Ventures
• The investment sees TechMet reach its $300m fundraising target
• Funds to be used to develop TechMet’s existing assets and to scale production of critical minerals such as lithium, nickel, cobalt and rare earths required to advance the clean energy transition

See the QIA investment press release

CSIS: A conversation with Brian Menell

Brian Menell, Chairman and CEO of TechMet, joins Gracelin Baskaran of the Center for Strategic and International Studies to discuss the future of investment in critical minerals.

SAFE Summit: Panel discussion on creating diverse supply chains

Brian Menell, Chairman and CEO of TechMet, joins an expert panel to discuss strategic investments and economic partnerships to create diverse supply chains.

Brian Menell Live from Web Summit Qatar on the importance of critical minerals to the energy transition.

Brian Menell was invited to take part in the inaugural Web Summit Qatar in Doha and was interviewed by Sky News journalist Ed Clowes on the Energy Stage, where they discussed the global under-supply of critical minerals, the importance of responsible mining and the part that Gulf states could play in ramping up supply chains. 

PRESS RELEASE: TechMet announces cornerstone investment from S2G Ventures

TechMet announces cornerstone investment from S2G Ventures in its $300M equity raise 

• S2G Ventures now one of TechMet’s largest backers, alongside US International Development Finance Corporation (“DFC”). 
• The deal brings S2G’s investment to $50M. 
• Announcement follows additional $50M commitment from DFC on December 3.

See the cornerstone investment press release

Brian Menell Live from COP28 on critical mineral supply chains

Brian Menell was interviewed by Reed Blakemore on the Atlantic Council’s Live from COP28 series this week. He warned that the world needs to radically accelerate supply of critical minerals for the clean energy transition.

Watch the COP28 interview

COP28, Global Decarbonization Accelerator (GDA) – Public-Private Partnerships to shepherd investment in critical minerals

Atlantic Council panel events 

Brian Menell took part in this important critical minerals panel event at the UN Climate Conference COP28 in Dubai. Scott Nathan (CEO of USDFC) and Brian Menell discuss the TechMet–USDFC relationship, followed by a wider critical minerals panel with participation from U.S. International Development Finance Corporation, the Carnegie Endowment for International Peace, and Atlantic Council.  Thanks to the Atlantic Council for hosting and to Aubrey Hruby for moderating. 

Watch the COP28 critical minerals event

TECHMET PRESS RELEASE: 01 December 2023

TechMet Receives further $50 Million Commitment From U.S. International Development Finance Corporation at COP28

• Ceremonial U.S International Development Finance Corporation (DFC) signing for the $50 million commitment to be held at COP28.
• World-leading critical minerals company, backed by DFC, opens latest $300 million investment round.
• Funds will be used to develop and expand production, refining, and recycling projects building responsible supply chains to feed the clean energy transition.
• TechMet’s value now exceeds $1 Billion.

See the $50 million commitment press release

RAINBOW RARE EARTHS PRESS RELEASE: 8 November 2023 – TechMet option to invest US$50m in Phalaborwa

Critical metals champion TechMet Limited (“TechMet”) granted option to invest US$50 million to take direct stake in the Phalaborwa project in South Africa.

Rainbow Rare Earths is pleased to announce that it has entered into an option agreement with TechMet (the “TechMet Option”), whereby TechMet has the right to invest US$50 million to fund a substantial part of the equity component required for the project financing for Rainbow’s Phalaborwa project in South Africa. 

See the Rainbow Rare Earths press release

MONEY MAZE PODCAST: The Immense Opportunities in Strategic Metals – With Brian Menell, Chairman & CEO of TechMet

In 2017 Brian founded and continues to serve as Chairman and CEO of TechMet, a permanent capital vehicle investing in a portfolio of technology metal projects.

He explains how the world is undergoing a seismic transformation in how it produces and uses energy. A part of this is a mobility revolution with the mass adoption of electric vehicles. These radical shifts represent ‘once-in-a-century’ investment opportunities and will re-shape not just whole industries, but also the geopolitical landscape. The West has been late to recognize the significant advancements made by the Chinese in this area over the last 20 years, and how it now needs to play a tough game of catch-up.

Listen to the Strategic Metals podcast

BUSINESS WIRE: Xerion Wins U.S. Department of Energy’s American-Made Geothermal Lithium Extraction Prize for Groundbreaking Lithium Extraction Technology

The development of efficient geothermal lithium extraction technologies promises to simultaneously advance efforts to secure a domestic lithium supply and to solidify the United States’ position in the global transition to net-zero emissions

DAYTON, Ohio–(BUSINESS WIRE)–Xerion Advanced Battery Corp., a privately held manufacturer of lithium-ion batteries with a vision to revolutionize the energy industry through the development of disruptive technologies, announced today that it has been awarded the United States Department of Energy’s (DOE) inaugural American-Made Geothermal Lithium Extraction Prize, in partnership with a team from the University of Illinois at Urbana-Champaign. The prize, which includes $1 million in funding from the Geothermal Technologies Office (GTO), will accelerate Xerion’s plans to commercialize its innovative, first-of-its-kind ceramic redox membrane technology, which significantly lowers the cost and reduces the energy required to extract lithium from geothermal brine by as much as 90% compared to current technologies.

Read more about the Xerion extraction prize

Financial Times: US government-backed start-up on course to become mining unicorn

A US government-backed mining start-up has raised $200mn in fresh equity, putting it on course to become one of the sector’s few unicorns with a valuation of more than $1bn.

The fundraising for TechMet, a Dublin-based private investment vehicle for nickel, lithium and other metals will help the west combat China’s dominance of critical minerals supplies for clean energy technologies.

Read more about the fundraising

CORNISH LITHIUM PRESS RELEASE: 8 August 2023 – Landmark US$67m investment

Landmark US$67 million Investment for Cornish Lithium.

UK Infrastructure Bank makes investment to strengthen domestic lithium supply chain

Cornish Lithium to receive US$67 million in funding from the UK Infrastructure Bank, The Energy & Minerals Group and TechMet
UK Infrastructure Bank’s direct equity investment will support the development of the UK’s critical minerals supply chain
Funding will accelerate growth towards commercial production of lithium
Part of larger funding package of up to an additional US$210 million

See the Cornish Lithium investment press release

MITRA CHEM PRESS RELEASE: 13 September 2023 – New Investment and Partnership with TechMet-Mercuria

TechMet-Mercuria Participated in the $60 Million Series B, led by GM

TechMet-Mercuria will Serve as Exclusive Lithium Procurement Agent for Mitra Chem

MOUNTAIN VIEW, Calif., Sept. 13, 2023 /PRNewswire/ — Mitra Future Technologies Inc. (“Mitra Chem”), a leading innovator in North American production of lithium-ion battery materials, today announced that TechMet-Mercuria (“TMM”) has invested in its current Series B round and will act as Mitra Chem’s exclusive lithium chemicals procurement agent. The investment by TMM and the other participants in the Series B, including GM, will fuel Mitra Chem’s mission to develop, deploy, and commercialize US-made iron-based cathode materials in an effort to enable mass-market electrification for electric vehicles, energy storage solutions, and beyond. 

Read more about the Mitra Chem announcement

TECHMET PRESS RELEASE: 15 August 2023

TechMet closes $200m equity raise to further develop critical minerals operations.

• TechMet, the global critical minerals investment company backed by the US Development Finance Corporation, closes $200 million fundraising round.
• Business is set to exceed a billion-dollar valuation in the next few months.
• Funds will be used to build and expand production, refining and recycling projects which enable the clean energy transition.
• In the last 12 months, TechMet has invested more than $180 million into critical minerals projects around the world.

See the TechMet $200m equity press release

ESG Insider: What recycling minerals could mean for biodiversity, energy transition goals

Mining exploration around the world is picking up as companies seek new deposits of elements like lithium and copper to support the energy transition.

Research by S&P Global Sustainable1 finds there is overlap between existing mines and exploration sites and some of the world’s most important areas for biodiversity. In this episode of the ESG Insider podcast, we explore what the mining industry is doing to reduce its impact on nature and local communities – including by recycling minerals.

Listen to the ESG Insider podcast

Clean Technica Podcast: Cleantech Talk with Brian Menell

Digging Into EV Battery Mineral Market & Automaker Evolution With Mining Investor

I recently sat down with Brian Menell, CEO and Chairman of TechMet, to talk EV battery mineral mining, investment in this fast-changing market, and the Inflation Reduction Act of 2022. As someone whose company is investing in mines and lithium mining startups, Brian had more to share and more perspective on these matters than anyone else I’ve talked with.

Zachary Shahan of Clean Technica

Listen to the EV battery mineral mining podcast

REETEC PRESS RELEASE: 8 November 2022 – TechMet participates in funding rare earths processor

TechMet participates in funding round of Norwegian rare earths processor.

REEtec raises EUR 115 million for first industrial rare earth plant

REEtec, a Norwegian-based manufacturer of high-quality and sustainable rare earth elements (REE), has closed a financing round of EUR 115 million to build an industrial-scale plant for separating rare earths in Herøya, near Porsgrunn in Norway. REEtec has developed a proprietary technology for environmentally friendly and efficient production of neodymium and praseodymium, commonly referred to as ‘NdPr’. Known as “magnet metals”, these two rare earth elements are essential in the manufacturing of electric motors, wind turbines, robots, and pumps.

Read more about the Norwegian funding

FT Summit, London: Brian Menell, CEO TechMet, at the FT Energy Transition Summit 2022

Brian Menell, CEO TechMet, at the FT Energy Transition Summit 2022.

Panel Discussion: Will the Global Supply Chain Keep Up with the Accelerated Roll Out of More Renewable Technologies?

The Geopolitics of Critical Metals and the Green Revolution

Coverage of Brian Menell, CEO TechMet, and other speakers on the Centre for Geopolitics.

DFC: New Billion Investment Programme

DFC Board of Directors Approves $1.6 Billion of Investment to Advance Energy Supply, Food Security, Climate Solutions, and Other Key Development Challenges

WASHINGTON – The U.S. International Development Finance Corporation (DFC) Board of Directors this quarter approved 16 new projects totaling $1.6 billion of investment support across equity and investment funds, debt financing, and political risk insurance products.

The approved transactions will focus on the most pressing challenges facing the developing world today, including energy access and security; food security; climate mitigation, adaptation, resilience; and gender equity and financial inclusion. Investments approved this quarter will boost growth and connectivity in priority regions including Eastern Europe and Latin America and across strategic sectors like energy, critical minerals, digital connectivity, and shipping and logistics.

Read more about the DFC investment

MINING.COM: Cornish Lithium secures further $11m for UK project

Cornish Lithium, the start-up hoping to lead the development of an industry for the battery metal in the UK, has secured another £9 million ($11 million) from metals-focused investment company TechMet to help fast-track its lithium projects in the homeland.

The amount corresponds to the second tranche of an £18 million ($22m at today’s exchange rate) funding package agreed with the private investor in November.

TechMet’s decision to further invest in Cornish Lithium follows a full review of the miner’s Trelavour Scoping Study, which sets out the design and economics of the namesake project based upon the production of battery grade lithium hydroxide.

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.

Read more about the Cornish Lithium investment

CISION PR NEWSWIRE: EnergySource Minerals Raises Strategic Investment

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.”

Read more about the EnergySource Minerals investment

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.

Read more about the Cornish Lithium investment

Atlantic Council: A virtual fireside chat with TechMet Founder and CEO Brian Menell

A virtual fireside chat with TechMet Founder and CEO Brian Menell.

Learn more about building secure supply chains

FT LIVE: Brian Menell, CEO TechMet, at the FT Commodities Summit

Coverage of Brian Menell, CEO TechMet, at the FT Commodities Summit

FP Virtual Climate Summit

Foreign Policy

TV Journalist Maggie Lake of Foreign Policy interviews Brian Menell the Chairman and CEO of TechMet.

Watch the FP Virtual Climate Summit

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.

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.

Read more about the second funding round

TECHMET PRESS RELEASE: 15 April 2021

• 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.

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.

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.

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.

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.

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.

US VANADIUM: U.S. Vanadium Successfully Recycles Electrolyte From Vanadium Redox Flow Batteries At A 97% Recovery Rate

usvanadium.com

Technology Advance Promises to Help Vanadium Redox Flow Batteries Deliver More Value to Renewable Energy Power Producers and Industrial Users Successful VRFB Recycling Moves the World One Step Closer to Relying on 100% Renewable Energy Power Generation

HOT SPRINGS, AR – (March 16, 2021) – U.S. Vanadium is pleased to announce that it has successfully demonstrated the ability to recycle the liquid electrolyte used in Vanadium Redox Flow Batteries (“VRFB”), a rapidly growing commercial technology that promises to enable intermittent renewable energy technologies such as solar and wind to provide power on a round-the-clock basis.

Because of their nearly unlimited energy storage capacity, high efficiency, zero emissions, very long cycle lives, and relatively low cost of available electricity on a lifecycle basis, VRFB energy storage systems are enabling consumers to utilize renewable energy systems for 100% of their actual power needs without having to rely on renewable energy credits and other accounting offsets.

Read more about the vanadium recycling success

MINING ELITES ONE-ON-ONE: Brian Menell, TechMet Ltd

Elodie Delagneau, Event Manager of Africa Mining Forum speaks to Brian Menell, CEO of TechMet Ltd.

BRAZILIAN NICKEL: PLC Announces Board Changes

Brazilian Nickel (BRN), the private UK company developing its nickel laterite heap leach project in Brazil, is pleased to announce the appointment of Brian Menell as Non-Executive Chairman, succeeding Paul Lush who will now become Deputy Chairman.

Mr Menell joined the Board in December 2020 following a US$25 million investment from TechMet Limited, of which he is Chairman and Chief Executive.

“It has been an absolute pleasure to work with Mike and Anne Oxley as we have developed Brazilian Nickel to this stage. However, the company has now reached the stage where a new set of skills and relationships is needed to help guide the company through the next phase of its evolution. I am delighted that Brian Menell has agreed to take up the role and I look forward to working with him to deliver on our plans.”

said Paul Lush, Deputy Chairman.

Mike Oxley, Chief Executive Officer said,

“I want to thank Paul Lush for his many years of service to the company as Chairman of the Board and I am very glad that he will remain an executive director and continue to develop BRN with us as Deputy Chairman.”

#TRADETALKS: The technology metals critical to electric vehicles and sustainable sourcing

TechMet CEO Brian Menell joins Jill Malandrino on Nasdaq #TradeTalks to discuss the technology metals critical to electric vehicles and sustainable sourcing.

BERNSTEIN EV CONFERENCE: TechMet – Chairman & CEO, Brian Menell

Good morning or good afternoon, wherever you’re calling from I’m Mark Newman from Bernstein, and this is electric revolution US Summit. And we’re joined today with our next special guest is Brian Menell. He is the CEO of TechMet.

Covering global metals and mining is going to be joining this session to help me on the Q and A with Brian and just a brief introduction of Brian. Brian is CEO tech Matt has been in the mining industry for over 25 years as an expert in this area and TechMet, which is the CEO of is a company that is investing in technology metals.

Excerpt from Mark Newman during the conference.

Sourced from the Bernstein EV Conference.

You can read more about the Bernstein EV Conference here 

And use the passcode 43121025 to gain access to the minutes and archive.

TECHMET PRESS RELEASE: 05 October 2020

TechMet receives investment from US International Development Finance Corporation

• US International Development Finance Corporation (“DFC” – a US Government agency) makes a ground-breaking investment into technology metals company, TechMet Limited.
• The $25M investment is part of TechMet’s Round 2 equity raising; $50M has now been raised of the $80M target.
• The funds enable TechMet to increase its investment in Brazilian Nickel PLC, which owns a nickel and cobalt project in the state of Piauí. The investment will be used for the development of the first phase of commercial production, creating jobs in one of the country’s most underdeveloped regions, while ensuring high environmental and social standards.
• The investment by DFC demonstrates a heightened US focus on countering China’s control over the supply chains of metals critical to the energy revolution.

5th October 2020, Dublin / Washington DC: The US International Development Finance Corporation has made a $25 million investment into TechMet Ltd, a private investment company with a portfolio of projects that produce, process and recycle the metals critical to the production of electric vehicles (EVs), renewable energy systems and energy storage.

The funds will be used to bring into initial commercial production one of TechMet’s core investments, Brazilian Nickel PLC, which will be a low-cost nickel-cobalt producer in Piaui in north-eastern Brazil. The project will create new jobs and bolster economic growth and social development in one of the country’s most underdeveloped regions.

Nickel and cobalt are two key ingredients in the production of Li-ion batteries that power EVs and provide renewable energy storage. As battery technologies transform the global mobility and energy landscape, the demand growth for these metals will be unprecedented. While China has built a position of overwhelming supply-chain dominance, the United States’ continued reliance on imports for the supply of critical metals represents a significant threat to the long-term competitiveness of American industry. TechMet, aligned with US interests, is committed to developing an independent supply of these critical metals.

Brian Menell, Chairman & CEO of TechMet said:

“We are very pleased to have secured this funding and support from DFC, which enables Brazilian Nickel PLC to begin the commercial production of nickel and cobalt products used in the production of EV batteries. Having this level of US support is a great endorsement of TechMet’s team and strategy.

Through DFC’s investment process we have demonstrated our commitment to achieving positive environmental and social impact across our projects. With the development of the Piauí Nickel Project together with Brazilian Nickel’s world-class management team, we can make a meaningful and lasting impact on the local Piauí economy.

TechMet represents a real opportunity for its investors not only to profit from the impending supply-demand dislocation for critical metals, but also to invest into ethical sources of supply that are aligned with US interests, thereby playing a part in redressing the supply-chain imbalance.”

Adam Boehler, CEO of the US International Development Finance Corporation said,

“This important financing will support economic growth in one of Brazil’s most underdeveloped areas. Investments in critical materials for advanced technology support development and advance U.S. foreign policy.”

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 has been operational for three years and its core investments include:

• Brazilian Nickel PLC – nickel and cobalt production in Brazil
• Li-Cycle – lithium-ion battery recycling with a producing plant in Canada and a plant under construction in Rochester, NY.
• 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.

Delphos International Ltd., a leading emerging markets advisory boutique, served as sole financial advisor to TechMet on this transaction.

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

WALL STREET JOURNAL: U.S. Steps Up Efforts to Counter China’s Dominance of Minerals Key to Electric Cars, Phones

The U.S. government is ramping up efforts to secure minerals critical to modern technology but whose supply is dominated by China—a stranglehold that miners warn could take years to break.

In recent years, the U.S. and other Western nations have invested in projects and approved licenses to mine these resources—essential for the production of electric vehicles, cellphones and wind turbines—an effort these countries are now accelerating given how far they still trail China.

Last week President Trump signed an executive order declaring a national emergency and authorizing the use of the Defense Production Act to speed the development of mines. The law was used earlier this year to speed production of medical supplies amid the pandemic.

Watch the critical minerals story

See the critical minerals story

BLOOMBERG: U.S. Takes Stake in Battery-Metals Firm to Wean Itself Off China

The U.S. government has taken an equity stake in a battery-metals company in a move that undercuts dependence on China for a key material used in electric vehicles.

TechMet Ltd. received a $25 million investment from the U.S. International Development Finance Corporation to help develop a Brazilian nickel and cobalt mine, the Dublin-based company said Monday in a statement. Cobalt is an important ingredient in cathodes of most electric-vehicle batteries and its refining capacity is largely under China’s control.

Read more about the U.S. investment

See the U.S investment press release

FINANCIAL TIMES: TechMet wins US backing for Brazilian mining project

The US government development bank is to invest $25m in London-based mining investment company TechMet, as part of a push by President Donald Trump to reduce reliance on supply chains dominated by China.

The money from the $60bn US International Development Finance Corporation will help TechMet develop a Brazilian nickel and cobalt project that aims to supply the electric car industry.

The investment is part of Mr Trump’s strategy to break China’s hold over raw material supply chains. Last week the president said the US’s reliance on foreign supplies of critical minerals was a “national emergency” and a security threat.

Read more about the US investment

See the US investment press release

TECHNOLOGY METALS PANEL: Will mining survive and thrive in a new energy world?

121 Mining Investment

Technology Metals Panel: Will mining survive and thrive in a new energy world?

With DCDB Group, McKinsey & Company, BMO Capital Markets & TechMet Ltd – 121 Mining Investment EMEA Online – May 2020

Panellists:
Emily Hersh, Managing Partner, DCDB Group
Ken Hoffman, CFA, Head of battery materials, McKinsey
Kimberly Berman, Director Equity Research, Special Projects, BMO
Simon Gardner-Bond, Chief Technical Officer, Techmet

Read more about the Technology Metals Panel

REPLAY – EVs, Batteries, and ESG: Webinar with TechMet CEO – Investing in Metals to Fuel the Technology of the Future

The Webinar featured TechMet Chairman & CEO Brian Menell, who discussed how so-called technology metals have become the “oil of the 21st Century” as they facilitate wide adoption of renewable energy and electric vehicles. TechMet has operations in Europe, Africa, and the Americas that produce and recycle technology metals including lithium, cobalt, nickel, vanadium, tin, tungsten, along with rare earth elements.

US VANADIUM: U.S. Vanadium to keep Arkansas-based facility operational

U.S. Vanadium website

U.S. Vanadium To Keep Arkansas-Based Facility Operational Given its Role as an Essential Part of the U.S. Defence Industrial Base

HOT SPRINGS, AR – (April 6, 2020) –U.S. Vanadium (the “Company”), the Arkansas-based producer of the world’s highest-purity vanadium pentoxide (V2O5), announced that it intends to maintain manufacturing operations at its flagship Hot Springs, AR production facility given its essential role as part of the U.S. Defense Industrial Base.

U.S. Vanadium produces a variety of vanadium-based industrial materials that are used in military and national defense applications, as well as in the catalyst, chemical, petrochemical, titanium, and energy storage industries.  The Hot Springs, AR facility can produce V2O5 at the very high purity levels required by demanding applications such as maleic anhydride catalyst, bismuth vanadate pigments and vanadium redox flow batteries.  Information on U.S. Vanadium’s full product suite can be seen here.

Read more about the U.S. Vanadium facility

GLOBAL INVESTMENT MEGATRENDS: West facing huge challenge from China’s technology metals dominance

Global Investment Megatrends

The West faces a huge strategic challenge to its plans for renewable energy, battery storage and electric vehicles because China has won a 15-year war to dominate supply of rare earths and other essential metals.

Brian Menell, chairman and CEO of TechMet, a private technology metals company, is helping to address this strategic imbalance by producing, processing and recycling these metals.

He says:

“What is often not adequately appreciated is that the global power, energy and mobility revolution is dependent on a relatively small number of strategic technology metals that go into batteries, electric vehicles and renewable energy systems and that are in structural short supply and are almost entirely controlled or substantially influenced by the Chinese state or by Chinese interests.”

Read more about the technology metals challenges

PR NEWSWIRE: U.S. Vanadium Holding Company LLC Acquires America’s Sole High-Purity Vanadium Production Facility From Leading Russian Steel Producer

PR Newswire

Restart of Operations at the Arkansas-Based Facility Will Create New Jobs and Will Allow the U.S. to Once Again Produce the Highest-Purity Vanadium Pentoxide Made Anywhere in the World.

HOT SPRINGS, Ark., Oct. 14, 2019 /PRNewswire/ — U.S. Vanadium Holding Company LLC (“US Vanadium”) today announced the closing of its acquisition from a leading Russian steel conglomerate of the only facility in the Americas that produces the world’s highest-purity vanadium pentoxide (“V2O5“).

The facility, located in Hot Springs, Arkansas, can produce V2O5 at the very high purity levels required by demanding applications such as maleic anhydride catalyst, bismuth vanadate pigments and vanadium redox flow batteries (“VRBs”).

Read more about the vanadium acquisition

MINING REVIEW AFRICA: “The potential of the Li-ion battery recycling industry is enormous”

Mining Review Africa

Exclusive interview with Brian Menell, Chairman & CEO of TechMet Limited, United Kingdom. At the upcoming East & Central Africa Mining Forum, TechMet is a bronze sponsor and Mr Menell is a panellist in the conference session on “Financing mining projects in East & Central Africa.”

Let’s start with some background on TechMet Ltd, your products and services and the industries you serve?

TechMet is a private company in which we are building a portfolio of projects that either produce, process or recycle the battery and EV metals where we see maximum dislocation between exponential growth in demand and inefficient scalability of supply, and where China dominates the supply pipeline.

Read more about the Li-ion potential

THE TELEGRAPH: US government taps UK firm to secure rare metals

The Telegraph

The US government is in talks with London-headquartered mining business TechMet about potential investment in the firm as it works to secure better supplies of the rare metals required to mass-produce electric cars.

Overseas Private Investment Corporation (OPIC), a US government agency tasked with advancing foreign policy and national security objectives, has contacted the company which mines metals used for the vehicles’ batteries. There is concern in the US about the growing control China wields over access to many of the raw materials, such as lithium and cobalt, needed. Beijing also dominates the processing of these materials.

Read more about the potential investment

MINING GLOBAL: TechMet Understanding the tech metals revolution

Mining Global

Mining Global brings you the lowdown on the latest trends in the battery metals market from TechMet CEO Brian Menell offering his predictions for the future production of tech commodities.

The verdict on the state of the market for battery metals, from TechMet CEO Brian Menell, hits home when he likens the current impasse to a scale not seen since the impact of the Industrial Revolution, when the demand for coal and iron ore skyrocketed. It represents an unprecedented value creation opportunity as the global adoption of new technologies ramps.

Read more about the tech metals revolution

C5 Capital interview with Brian Menell

C5 Capital

Andre Pienaar the Managing Partner and Founder of C5 Capital interviews Brian Menell the Chairman and CEO of TechMet.

Watch the Brian Menell interview

BUSINESS INSIDER: A mining tycoon has a $1 billion plan to release China’s chokehold on the global electric car race

Business Insider

• Over the next 20 years, sales of electric vehicles are predicted to outstrip petrol and diesel engine cars.
• That has huge implications for the supply of metals that go into these vehicles.
• South African mining tycoon Brian Menell says China controls most of the supply for rare earth metals, lithium, and other important technology metals.
• He has founded TechMet to help challenge that dominance and says it could be a $1 billion company in five years.

By 2040, more people will be buying electric cars than traditional petrol and diesel engine vehicles, according to BloombergNEF data. That is good news for the environment, but the shift towards lithium-ion battery-powered cars has huge implications for a complex global supply chain that is currently dominated by China.

Read more about the $1 billion plan

THE TELEGRAPH: Electric car boom turbo charges rare metals race

The Telegraph

More than 11,000 feet up in the Andes mountains of southwest Bolivia lies Salar de Uyuni, a remote salt flat that is home to some of the world’s largest reserves of lithium.

Largely untapped, the seemingly endless expanse of bright white salt plains are on the verge of a frenzy of activity as a global scramble erupts to extract the metal and secure supplies for lithium-ion batteries – a basic building material for the electric vehicle industry. 

Read more about the rare metals race

PR NEWSWIRE: TechMet Appoints Admiral Mike Mullen Chairman of Advisory Board

PRNewswire

TechMet Limited, a private industrial company that is building controlling or significant minority positions in world-class projects across the technology metal supply chain, today announces the appointment of Admiral Michael Mullen as Chairman of its Advisory Board.

Admiral Mullen was the Chairman of the Joint Chiefs of Staff of the United States (2007-2011) and principal military advisor to both President George W. Bush and President Barack Obama. He presently serves on the Board of Directors of General Motors, Sprint, and the Bloomberg Philanthropies Foundation, and as an adjunct Professor at Princeton University.  Admiral Mullen brings over 40 years of leadership experience with the US military, providing expertise on the key strategic threats to US national security. He has advised both governments and businesses on a broad range of strategic issues, including how business trends and the economic health of the US direct impact on national security.

Read more about the Mike Mullen appointment

FORBES: South African Mining Executive Brian Menell Talks About His New Venture, TechMet

Forbes

For over 25 years Brian Menell, 53, has overseen, developed and managed natural resource and mining projects across 18 sub-Saharan African countries, and in the CIS and Canada. The Menell family founded and controlled the Anglovaal Group – one of the dominant players in the African mining and industrial scene over the last 80 years.

In this light, I was delighted to briefly chat with Menell about his new venture, TechMet, an industrial company that is building controlling or significant minority positions in world-class projects across the technology metal supply chain including mining, processing and recycling. He talked about the growing geopolitical significance of technology metals supply from Africa and other emerging markets.

Read more about TechMet

BIZ NEWS: Meet SA-born Brian Menell: Betting big on electric batteries

Biz News JOHANNESBURG – South African-born mining veteran Brian Menell is shifting his focus to what looks set to become the next gold rush. Demand for minerals that make up batteries, for the likes of electric cars and other smart devices, is expected to soar over the next few years. Many minerals such as cobalt, lithium and tungsten are contained in modern batteries that have driven the globe’s tech revolution. Miners have sat up and taken notice as the likes of Glencore has made big plays in the space. However, as Brian Menell in this interview explains, China has come to completely dominate the mining and supply of these key materials. But Brian – who is part of the Menell family that is well-known for having founded successful SA mining and industrial conglomerate the Anglovaal Group – sees new opportunities in tapping mining operations outside of China in order to provide an alternative source of these key minerals for the world’s ever-growing battery market. Menell, from his office in London, tells us more in this interview. – Gareth van Zyl

Read more about Brian Menell

Listen to the Brian Menell interview

BLOOMBERG: Mining veteran wants to build a $1 billion battery metals giant

Bloomberg

South African mining veteran Brian Menell wants to build a battery material giant to help challenge China’s domination of the nascent industry.

It’s still early days for his privately funded company, TechMet Ltd., which controls just a handful of assets from Canada to Rwanda. But he’s raising more money and sees countries such as the U.S. and Japan as potential partners to help catch China in the rapidly growing industry to provide battery grade supplies of everything from tin and tungsten to nickel and cobalt.

Read more about the $1 billion battery metal giant

PROACTIVE INVESTORS: Rainbow Rare Earths signs cooperation agreement to fund downstream definitive feasibility stud

Proactive Investors

Rainbow Rare Earths Ltd (LON:RBW) has signed a cooperation agreement with TechMet Limited to fund a Definitive Feasibility Study (DFS) for downstream rare earth separation.

The rare earth metals miner said it would form a joint venture with TechMet to undertake the DFS, which would be fully funded by TechMe, following an initial scoping exercise on a reimbursable carry basis of up to US$3mln.

Read more about the Rainbow Rare Earths agreement