Dale W. Wood is congratulating TechMet, a Dale Ventures-backed company, on a recent $25 million investment from the U.S. government to help fund a Brazilian nickel and cobalt project that will ultimately boost electric vehicle battery production. Like Dale Ventures’ own interest in the British business, this latest investment only further establishes TechMet as a key player in the world of industry. —
The investment, a groundbreaking move by the US International Development Finance Corporation, will bring into commercial production Brazilian Nickel PLC, a core investment of TechMet. Brazilian Nickel is a nickel and cobalt project in Brazil applying breakthrough heap-leach technology to produce nickel and cobalt products suited for the battery market. TechMet is developing a mine for the metals in Piauí, which CEO Brian Menell has said will help boost the state’s economy.
TechMet Limited is a private metals company launched by Menell, an industry veteran. Global investment firm Dale Ventures is currently in the third round of investment with the company, which reflects CEO Dale Wood’s confidence in Menell’s rich industry experience, including 25 years of owning, developing and operating natural resource and mining projects across the world.
“TechMet’s Brazilian Nickel project gaining the investment of the U.S. government is just one way Brian Menell is leading his company boldly into the future,” Dale Wood said. “This investment only highlights that TechMet is the right choice to provide some of the world’s most sought after metals in cutting edge and ethical ways. I’d like to congratulate Brian and his entire team, and I look forward to your continuing success.”
TechMet’s influence is growing as it continues to build controlling or significant minority positions in world-class projects across the technology metal supply chain. Through its projects, TechMet is able to secure the supply of metals critical to the future growth of electric vehicles, energy storage and renewable energy. The company has investments in several projects, including lithium-battery recycling technology Li-Cycle and Rainbow Rare Earths, a producer of high-grade rare earths concentrate in Burundi.
The US International Development Finance Corporation’s involvement brings TechMet’s Round 2 equity funding to $50 million of an $80 million target. The government’s involvement in the project signals the United States’ interest in sustaining an outside industry in a market largely controlled by China. Nickel and cobalt are key ingredients in the production of Li-ion batteries that provide renewable energy storage and power electric vehicles. TechMet’s project will develop an independent supply of the critical metals.
“TechMet represents a real opportunity for its investors not only to profit from the impending supply- demand dislocation for critical metals, but also to invest into ethical sources of supply that are aligned with US interests, thereby playing a part in redressing the supply-chain imbalance,” Brian Menell said a statement.
About Dale Ventures
Dale Ventures is a personal investment holding group founded by serial investor Dale W. Wood. The company partners with management teams to provide the significant strategic and analytic resources needed to build and grow remarkable companies. Dale Ventures has adopted a consultative approach that harnesses the power of innovative teams to generate groundbreaking ideas, tactics, and strategies that drive growth and build long-term value.
For more information about Dale Wood and his projects, please visit www.Dale.com and Facebook.com/DaleVentures.
Release ID: 88983150