Axios Pro Exclusive Content

TechMet raises $200M, on track for $1B valuation

illustration of a mining helmet with a lightning bolt illuminated on the light

Illustration: Tiffany Herring/Axios

Mining startup TechMet raised $200 million in an equity round and said it will exceed a $1 billion valuation in the coming months.

Why it matters: As the world transitions to more electric vehicles and clean energy, companies and governments are on the hunt for more minerals to power EV batteries and to be components for clean energy infrastructure.

Details: Investors in TechMet's round include existing investors the US International Development Finance Corporation (DFC), energy trading company Mercuria Energy and asset manager Lansdowne Partners.

  • New investors in the round include S2G Ventures, the direct investment team of Builders Vision, an impact platform founded by Lukas Walton, the grandson of Sam Walton.
  • Dublin-based TechMet is a permanent capital vehicle that invests in critical mineral companies and projects from mining to recycling to battery component manufacturing. The company says over the past year it has put $180 million into critical mineral projects, like lithium and nickel.
  • TechMet said it will use the funds to expand its investments in its 10 projects.

Of note: The US's DFC first invested in TechMet in 2020, and President Biden has mentioned the company in remarks about boosting domestic mining.

  • TechMet has backed EnergySource Minerals, which is developing lithium mining in California's Salton Sea.

Big picture: The U.S. has been investing heavily to try to boost its position and compete with China in the mineral supply chain for electric vehicles.

  • The Inflation Reduction Act has steered billions of dollars toward new mining projects, battery recycling plants and battery component companies.

Editor's note: This story was updated to clarify details of S2G Ventures.

Go deeper