TechMet is a private company building world class projects that produce, process and re-cycle “technology metals” critical to electric vehicles, renewable energy systems and energy storage. TechMet’s target metals include: lithium, cobalt, nickel, rare earth metals, tin, tungsten, and vanadium.
The USD 25 million investment is part of TechMet’s Round 2 equity raising of USD 80 million and enables 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.
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.”
The Michelmores team was led by Edwin Richards and Ian Binnie. DFC was advised by DLA Piper in Austin, Texas.
Brian Menell said:
“Michelmores played a crucial role is getting this investment over the line and we are very pleased with their professional yet pragmatic approach.”