The US International Development Finance Corp (DFC) has made a $25 million investment into TechMet Ltd, a private investment company with a portfolio of projects that produce, process and recycle metals tied to the production of electric vehicles (EVs), renewable energy systems and energy storage.

The funds will be used to bring into initial commercial production one of TechMet’s core investments, Brazilian Nickel Plc, which will be a low-cost nickel-cobalt producer in Piaui, in north-eastern Brazil, it said.

Piauí is a nickel laterite heap leaching project that has a combined measured and indicated JORC compliant resource of 72 Mt at 1% Ni and 0.05% Co. Brazilian Nickel has previously completed a large-scale demonstration of the heap leaching, purification and recovery of nickel and cobalt from the Piauí ore (pictured).

The DFC investment, part of TechMet’s Round 2 equity raising, follows on the heels of US President, Donald Trump, signing an Executive Order and declaring a National Emergency to expand the domestic mining industry, support mining jobs, alleviate unnecessary permitting delays, and reduce the US’ dependence on China for critical minerals.

Nickel and cobalt are two key ingredients in the production of lithium-ion batteries that power EVs and provide renewable energy storage. As battery technologies transform the global mobility and energy landscape, the demand growth for these metals is expected to accelerate.

TechMet said: “While China has built a position of overwhelming supply chain dominance, the United States’ continued reliance on imports for the supply of critical metals represents a significant threat to the long-term competitiveness of American industry. TechMet, aligned with US interests, is committed to developing an independent supply of these critical metals.”

Brian Menell, Chairman and CEO of TechMet, said: “We are very pleased to have secured this funding and support from DFC, which enables Brazilian Nickel Plc to begin the commercial production of nickel and cobalt products used in the production of EV batteries. Having this level of US support is a great endorsement of TechMet’s team and strategy.”

Adam Boehler, CEO of the US International Development Finance Corp, a US Government agency, said: “This important financing will support economic growth in one of Brazil’s most underdeveloped areas. Investments in critical materials for advanced technology support development and advance US foreign policy.”

TechMet has been operational for three years and its core investments include:

• Brazilian Nickel Plc;
• Li-Cycle – lithium-ion battery recycling with a producing plant in Canada and a plant under construction in Rochester, New York;
• US Vanadium – vanadium specialty chemicals production in Arkansas (USA); and
• Tinco – one of the largest tin and tungsten mines in Rwanda.

TechMet also has an interest in a producing Rare Earths metals project and is developing TechMet Ventures to invest in new opportunities across the supply chain, it says.