TechMet, a critical minerals investment company founded by Brian Menell, has closed its latest $200-million equity fundraising round, putting the firm on track to exceed a billion-dollar valuation in the next few months.

The latest $200-million funding is being deployed across TechMet’s existing portfolio of ten assets that are expanding extraction, processing, recycling and manufacturing capacity.

TechMet, founded in 2017, is a permanent capital vehicle focused on building businesses across the critical minerals value chain from mining and processing to recycling and battery component manufacturing.

“We are grateful that we have such a strong shareholder base, and the US government’s direct backing, as we deliver on our mission to build environmentally responsible supply chains for the metals needed for the clean energy revolution,” commented Menell in a statement.

Alongside Menell and his management team, TechMet’s largest shareholders are the US International Development Finance Corporation and Switzerland-based Mercuria Energy, one of the world’s largest energy and commodity trading groups, both of which participated in this funding round.

London-based Lansdowne Partners also increased its investment, and was joined by a number of significant new investors, including US-based S2G Ventures, the direct investment team of Builders Vision.

“Recent US legislation supporting the critical minerals sector, and supply chain investments by major automakers, represent significant steps forward. “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,” said Menell.

Last month, TechMet, the UK Infrastructure Bank and The Energy & Minerals Group announced a $67-million investment in Cornish Lithium to develop a UK supply of lithium for EV battery production and battery storage solutions.

In the last 12 months, TechMet has invested more than $180-million into critical minerals companies around the world, including Brazilian Nickel, US Vanadium, Rainbow Rare Earths, TechMet-Mercuria, REEtec, Xerion Advanced Battery Corp, Energy Source Minerals, Momentum Technologies, and Trinity Metals.

Given the extent of investor appetite and the range of compelling opportunities to deploy further capital, TechMet is expecting to launch a further fundraising round in the fourth quarter.

The group’s current portfolio includes a diverse group of projects across the supply chain for the critical minerals needed for clean energy technologies,