TechMet, the US-backed investment firm, is exploring new portfolio opportunities, including a potential bid for the Dobra lithium deposit in Ukraine, while raising alarms that Europe risks falling behind the United States in developing a robust critical minerals sector to reduce China’s market dominance.
Brian Menell, CEO of TechMet, told Reuters that the current market weakness for lithium, nickel, cobalt, and rare earth metals presents an “exceptional opportunity to deploy capital”. TechMet already holds stakes in ten companies, spanning Brazilian nickel projects to South Africa’s Rainbow Rare Earths.
“This short-term market softness is a chance to invest strategically,” Menell said, emphasizing TechMet’s selective and focused approach due to its current valuation of approximately $1.3 billion. Raising additional funds could dilute existing investors, so the firm is carefully targeting high-impact acquisitions.
Reopening fundraising and US-backed projects
Earlier this year, TechMet raised $300 million, including $180 million from the Qatar Investment Authority, but the firm has reopened fundraising, aiming to close in 3–5 weeks with a significantly higher target, Menell explained.
The Dobra lithium project in Ukraine represents a cornerstone opportunity for TechMet’s expansion. Menell highlighted the company’s operational, technical, and financial credibility, reinforced by backing from the US government’s International Development Finance Corporation. This project is expected to be the first in a joint US-investment fund for critical minerals in Ukraine, aligning with reconstruction efforts following recent geopolitical challenges. Other key investors include Mercuria, S2G Investments, and Lansdowne Partners.
The United States has acted swiftly to secure domestic critical mineral supply chains, including a multibillion-dollar deal with rare earths producer MP Materials, positioning the US as a global competitor in essential metals.
Europe’s lag in critical minerals development
While the EU has introduced the Critical Raw Materials Act and plans to build partnerships with producing nations, Menell warned that European efforts are still insufficient.
“I really fear for Europe,” he said. “There’s a lot of talking, but political will, resolve, and support are often missing. Bureaucratic hurdles slow progress, and Europe risks being left behind in this strategic race.”
Brussels has identified reducing reliance on China for critical minerals as a top priority. The EU has approved 47 strategic projects and is exploring a joint purchasing platform for minerals and energy, modeled in part on efforts to reduce dependence on Russian energy.
Menell’s comments underscore the geopolitical urgency of securing critical raw materials for batteries, clean energy, and high-tech manufacturing. With TechMet’s US-backed strategy and selective investments in lithium and rare earths, the company aims to capitalize on market gaps while Europe struggles to catch up.
