TechMet forms U.S. subsidiary to boost critical minerals production

Dublin-based mining investor TechMet has announced the formation of a U.S. subsidiary to attract public and private capital for critical minerals projects. The move aims to bolster domestic production and processing capabilities within the United States.

CEO Brian Menell, who will serve as chairman of the new Washington, D.C.-based subsidiary, stated that the entity will control TechMet’s holdings in four key companies: lithium startup EnergySource Minerals, U.S. Vanadium, battery recycling firm Momentum Technologies, and Xerion Advanced Battery. TechMet has invested over $400 million into these firms and remains their largest shareholder.

The subsidiary’s immediate objective is to transition these four companies into commercial production. Menell emphasized that the company intends to remain long-term in the U.S. market rather than spinning off or distributing the new entity.