TechMet on track to become Irish unicorn after raising $200m

15 Aug 2023

TechMet founder, CEO and chair Brian Menell. Image: TechMet

The Irish-based company is focused on critical mineral mining and has received direct support from the US government.

TechMet, a Dublin-headquartered mineral investment company, has closed a $200m fundraising round to expand its various projects worldwide.

The company claims that this raise puts it on track to exceed a billion dollar valuation in the next few months. TechMet is registered and incorporated in the Republic of Ireland, which means it could become the latest Irish unicorn soon, joining the likes of Flipdish and Wayflyer.

TechMet was founded in 2017 and is focused on building businesses across the critical minerals value chain, from mining and processing to recycling and battery component manufacturing. The company claims to develop environmentally and socially responsible projects for the production of clean energy technologies.

The latest funding will be deployed across TechMet’s current portfolio of 10 assets across Europe, Africa, North America and South America. The company said these projects are across the supply chain of critical minerals needed for clean energy technologies.

TechMet has gathered significant attention overseas in recent years. The US International Development Finance Corporation is a key shareholder in TechMet after it invested in 2020.

The Dublin-based company was also mentioned by US president Joe Biden last year for its mining work in Brazil. The company is mining nickel and cobalt in that country, which Biden said are “two of the minerals most needed to power electric vehicles and other clean energy technologies”.

TechMet founder, chair and CEO Brian Menell said the company is grateful to have a strong shareholder base and the direct backing of the US government as it works to build “environmentally responsible supply chains for the metals needed for the clean energy revolution”.

“Recent US legislation supporting the critical minerals sector and supply chain investments by major automakers represent significant steps forward,” Menell said. “The EU has also announced its long awaited Critical Raw Materials Act and, like the UK, is seeking to strengthen supply chains.

“However, there is much more work to be done, particularly in the UK and Europe, if we hope to adequately feed the production of batteries, EVs, wind turbines and other clean energy systems.”

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Leigh Mc Gowran is a journalist with Silicon Republic