TechMet has announced the launch of TechMet USA, a new US-focused critical minerals platform that consolidates its American assets and advances alignment with Washington’s critical minerals strategy.
The move comes as the company looks to attract more capital from both public and private partners for critical minerals projects.
“TechMet USA will help ensure the materials underpinning the next generation of technological innovation for advanced manufacturing, defence, AI, and energy industries are produced through secure and resilient supply chains that create American jobs, attract private capital, and enhance US economic competitiveness,” Chairman of TechMet USA Brian Menell says.
The new US-based company will be wholly focused on scaling critical minerals capacity in the US, with support from key shareholders including the US Development Finance Corporation (DFC) and other government agencies.
CEO of TechMet USA Erik Ripple says that the newly formed US-based company brings together TechMet’s US critical minerals assets, with the goal of strengthening domestic critical minerals supply chains.
“My focus will be on advancing those assets, building strategic and commercial partnerships, and accelerating growth to ensure American industry has secure, resilient, and Western-aligned supply chains,” Ripple notes.
TechMet USA
TechMet USA consolidates TechMet’s US-based portfolio, including four producing and late-stage development assets: EnergySource Minerals, US Vanadium, Momentum Technologies, and Xerion Advanced Battery.
Reuters reports that TechMet has invested over US$400 million ($566.9 million) into the four firms to date and is the largest shareholder in each of them.
EnergySource Minerals has two business units: a direct lithium extraction (DLE) technology platform and a permitted shovel-ready lithium extraction project that will produce lithium hydroxide.
Momentum Technologies is a modular processing and recycling technology company that processes both battery metals and rare earths.
US Vanadium is the only major US producer of ‘high-purity’ vanadium. The company recently received a significant contract from the US Defense Logistics Agency (DLA) Strategic Materials team, which manages the US National Defense Stockpile (NDS).
The contract covers the supply of domestically sourced ‘high-purity’ vanadium pentoxide flake for the next three years.
And finally, Xerion Advanced Battery uses a proprietary molten salt electrolysis technology to refinance critical minerals and produce battery cathodes.
TechMet USA will be based in Washington, D.C., and will focus on getting these initial four firms into commercial production. Following those milestones, the company will shift its focus toward additional investments.
TechMet is a global critical minerals investment company with a portfolio of operating companies across four continents that produce, process, and recycle the critical minerals needed for the energy transition, energy security, defence, and advanced manufacturing.
Write to Amy Rotman at Mining.com.au
Images: TechMet
