GENEVA, 23 April 2021 – Mercuria, one of the world’s largest integrated independent energy and commodities trading companies, announced today that it has acquired a significant minority equity position in TechMet, a private company dedicated to building world class projects that produce, process and recycle “technology metals” critical to electric vehicles (EVs), renewable energy systems and energy storage. The announcement comes as part of Mercuria’s larger corporate strategy and commitment to increased investments in the energy transition.
“We are pleased to join TechMet as one of the largest shareholders alongside its founder and the US International Development Finance Corporation,” said Jean-François Steels, Vice President of Energy Transition at Mercuria. “We look forward to working together with the TechMet management team and stakeholders on further developing its portfolio of assets across the supply chain of technology metals, and extending our global reach and commodities market expertise to their strategy”, adds Guillaume de Dardel, Metals and Concentrates Trader at Mercuria.
TechMet was founded in 2017 to develop projects that produce technology metals that will help spur the global transition to clean energy technologies. The company focuses on lithium, cobalt, nickel, rare earth metals, tin, tungsten and vanadium, and has already successfully expanded its global footprint with investments in; Brazilian Nickel PLC, an advanced nickel and cobalt project; Li-Cycle, a battery recycling company based in Canada and the United States; US Vanadium, a vanadium specialty chemicals producer with operations in Arkansas, USA; and Tinco, the largest tin and tungsten mines in Rwanda. Through TechMet Ventures, the company has also begun to invest in the production of rare earth metals and new opportunities across the supply chain.
As a part of the agreement, Mercuria will sign a Memorandum of Understanding (MoU) to jointly develop trading and risk management opportunities in technology metals. Mercuria will also appoint a member to the TechMet board of directors.
“We look forward to Mercuria becoming an integral part of TechMet and contributing to our growing presence around the world,” said Brian Menell, Chairman and CEO of TechMet. “Together, with our existing market expertise and Mercuria’s global presence, and risk management and trading knowledge, we believe this investment will help us to unlock the next chapter at TechMet.”
Mercuria’s investment in TechMet is in line with its commitment to become a key player in the energy transition. TechMet is positioned to meet the global demand for the metals required in the technologies that are building a sustainable and clean energy future.. The company also places a significant importance on the ethical and sustainable sourcing of minerals, which is at the core of Mercuria’s mission as a responsible global actor.
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