Search DubaiPRNetwork.com

Dubai and UAE
Home >> Local News and Government

QIA to Invest $180 Million in TechMet

Monday, February 3, 2025/ Editor -  

Share

Home >> Local News and Government
  • 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

NEWS RELEASE

August 7, 2024 – Doha, London, Dublin – Qatar Investment Authority (QIA) has announced today an initial $180m investment in TechMet, reflecting QIA’s commitment to secure the supply of responsibly sourced critical minerals. TechMet is an investment company focused on building businesses across the critical minerals value chain, from extraction and processing to refining and recycling.

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. Through this investment, QIA is supporting TechMet’s mission to build projects across critical minerals supply chains.

Funds will be used to develop both TechMet’s existing assets and to continue to build its portfolio with strategic projects that scale production and refining of its target critical minerals, which include lithium, nickel, cobalt, and rare earths.

The announcement sees TechMet meet its $300m fundraising target, adding to a follow-on investment from S2G Ventures, bringing their total commitment to $50m; and an additional $50m from the DFC. The latest DFC commitment takes the U.S. Government agency’s total investment in TechMet to $105m, following an initial investment in 2020. Now valued at well over $1 billion, TechMet is one of the largest private investors in critical minerals supply chains. 

TechMet Founder, Chairman and CEO, Brian Menell, said: “QIA’s investment further highlights TechMet’s position as a leading global critical minerals investment company. A major sovereign investor coming in alongside the U.S. Government accelerates our ability to scale and expand the portfolio and build significant value across critical minerals supply chains. We also look forward to working closely with QIA on additional future opportunities.”

Since inception, TechMet has invested more than $450m into critical minerals projects in its existing portfolio of assets across North and South America, Europe and Africa, including: Brazilian Nickel, Cornish Lithium, EnergySource Minerals, US Vanadium, Trinity Metals, Xerion Advanced Battery Corp, TechMet-Mercuria, Rainbow Rare Earths, REEtec, and Momentum Technologies. TechMet has been advised by Rothschild & Co through this fund-raising process.

The Transaction is subject to customary regulatory approvals.


Previous in Local News and Government

Next in Local News and Government


Home >> Local News and Government Section

Latest Press Release

Ajmal Perfumes Introduces The Untold Stories: A Landmark Collection of Five Exqu ...

Hafeet Rail Awards Three Strategic Contracts and Secures a Landmark Agreement to ...

Panasonic and Beamcast join forces to accelerate broadcast innovation in Qatar

IHG Hotels at Dubai Festival City Unveils Exclusive Culinary Delights, Staycatio ...

‘World's Coolest Winter' campaign successfully concludes its 5th edition recordi ...

ITB Broker: Your Gateway to Transparent and Efficient Trading

GPSSA Streamlines Employer Pension Compliance with New Ma'ashi Digital Toolkit

João Almeida battles towards podium as Volta Valenciana heats up

Rybakina edges out jabeur in three-set classic at mubadala abu dhabi open

Human Fraternity Ambassadors Gather to Discuss Peaceful Coexistence at the Zayed ...

Emirates Skywards and ALL - Accor's Loyalty Programme elevate partnership, offer ...

HH Sheikh Ahmed bin Saeed Al Maktoum concluded the annual Dubai Quality Group Aw ...

FaceFit Opens Up First Of Its Kind Studio for Face Fitness in Dubai

Dubai Municipality wins 62 pioneering awards in 2024

GPSSA organizes its first board meeting for 2025 under the chairmanship of His E ...

Clemenceau Medical Center Hospital Dubai Partners with Forevue Health Managed Ca ...

DoxAI to join UAE's Nextgen FDI Initiative to Drive AI-Powered Business Transfor ...

Prometheus Medical International opens new office in Oslo, reinforces expansion ...

UAE Team Emirates-XRG begins the Volta Valenciana with TTT

Dubai Fountain Undergoes a Stunning Revamp: Temporary Closure Announced for Upgr ...