Home » South African mining billionaire Brian Menell secures $200-million funding

South African mining billionaire Brian Menell secures $200-million funding

by Mfonobong Nsehe
Brian Menell

TechMet, a leading global critical minerals investment company founded by South African billionaire Brian Menell, has closed its latest $200-million equity fundraising round. 

The successful capital raise puts the company on track to exceed a billion-dollar valuation in the next few months.

The newly acquired $200 million in funding will be directed towards enhancing TechMet’s existing portfolio of ten assets, focused on expanding extraction, processing, recycling, and manufacturing capacities across the critical minerals value chain.

Founded by Menell in 2017, TechMet serves as a permanent capital entity with a core mission of developing environmentally and socially responsible projects vital to the production of clean energy technologies. The company’s endeavors span from mining and processing to recycling and battery component manufacturing.

A key shareholder in TechMet is the U.S. International Development Finance Corporation (DFC), following its initial equity investment in 2020.

Menell expressed his gratitude for the robust shareholder base, particularly the direct backing from the U.S. government, as TechMet advances its commitment to establishing eco-conscious supply chains for metals essential to the clean energy revolution.

Both the U.S. president and vice president have acknowledged TechMet’s pivotal role as a leading critical minerals company in the global fight against climate change.

In addition to Menell and his management team, TechMet’s principal shareholders include the DFC and Swiss-based Mercuria Energy, a major energy and commodity trading conglomerate. These entities, alongside other investors such as London-based Lansdowne Partners and US-based S2G Ventures, participated in the recent funding round.

Menell emphasized the significance of recent legislative support for the critical minerals sector and investments by major automakers in strengthening supply chains. He highlighted the need for further efforts, particularly in the UK and Europe, to adequately meet the growing demand for metals required in clean energy systems.

TechMet recently unveiled a landmark $67-million investment, in collaboration with the UK Infrastructure Bank and The Energy & Minerals Group, to develop a domestic supply of lithium for electric vehicle battery production and storage solutions in the UK.

Over the past year, TechMet has allocated more than $180 million to critical minerals ventures globally, including companies like Brazilian Nickel, U.S. Vanadium, Rainbow Rare Earths, and more. The company’s diverse portfolio encompasses projects spanning the supply chain for clean energy technologies, ranging from Lithium mining to battery recycling.

Headquartered in Dublin with a London office, TechMet anticipates launching another fundraising round in Q4 this year due to strong investor interest and an array of compelling capital deployment opportunities.

Menell, a prominent figure in South Africa’s mining and natural resource landscape, has amassed extensive experience over 25 years, overseeing projects across multiple African countries, the CIS, and Canada. He hails from the Menell family, which has long been associated with the Anglovaal Group, a prominent player in the African mining and industrial sectors over the past eight decades.

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