Ireland-based rare metal producer TechMet completed a $120m funding round on Friday featuring energy and commodities trading group Mercuria.
The round, the second to be closed by the company, included investment management firm Lansdowne Partners and the US government’s International Development Finance Corporation.
Founded in 2017, TechMet produces and recycles rare metals typically used in renewable energy systems, energy storage technology and electric vehicles.
The company also acquires controlling or significant minority positions in businesses that operate across the metal technology supply chain. Its portfolio companies include lithium-ion battery recycler Li-Cycle Corp and Brazilian Nickel, a nickel and cobalt mining business.
Brian Menell, founder, chairman and CEO of TechMet, said: “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.
TechMet said the round was 140% larger than its debut round, which would place its size at $50m. It is planning to raise about $250m through another round of equity funding in the second or third quarter of 2021.