Key facts
- Mining investor TechMet is forming a U.S. subsidiary.
- The subsidiary aims to attract more capital for critical minerals projects.
- TechMet has invested over $400 million in four U.S. companies: EnergySource Minerals, U.S. Vanadium, Momentum Technologies, and Xerion Advanced Battery.
- The U.S. government is a major shareholder in TechMet.
- Brian Menell, TechMet's CEO, will chair the new U.S. subsidiary.
Dublin-based mining investor TechMet announced Monday it will establish a U.S. subsidiary as part of an effort to secure additional capital for critical minerals projects within the United States. The company, which has the U.S. government as a significant shareholder, stated the move is intended to bolster the nation's mining industry, a priority recently highlighted by President Donald Trump.
Brian Menell, TechMet's CEO, will lead the new U.S.-focused subsidiary as its chairman. This entity will oversee TechMet's existing investments in four American companies: lithium startup EnergySource Minerals, U.S. Vanadium, battery recycling firm Momentum Technologies, and Xerion Advanced Battery. TechMet has collectively invested over $400 million in these firms and holds the largest shareholder position in each.
The subsidiary, to be headquartered in Washington, D.C., will initially focus on guiding these four companies toward commercial production. Menell indicated that further investments would be considered only after this primary objective is met. He emphasized a long-term commitment to building value within the U.S. critical minerals sector, noting that TechMet also maintains stakes in international mining companies such as Brazilian Nickel and South Africa's Rainbow Rare Earths.