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Qatar Investment Authority Invests $180 million in TechMet

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
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Qatar Investment Authority Invests $180 million in TechMet

The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo
The Qatari flag is seen at a park near Doha Corniche, in Doha, Qatar February 17, 2018. REUTERS/Ibraheem al Omari/File Photo

Qatar Investment Authority (QIA) announced on Wednesday an initial $180 million investment in TechMet, a company focused on building businesses across the critical minerals value chain, from extraction and processing to refining and recycling.

This investment aligns with QIA’s ambition to invest in a broad range of areas in the industrial sectors such as critical minerals, which are required to advance the clean energy transition and to help address the growing demand in the global market for sustainable energy solutions, QIA said in a statement.

“We are delighted to partner with TechMet to invest in the responsible sourcing of critical minerals, which are crucial to the global green transition,” said Chief Investment Officer of Americas at QIA Mohammed Al-Sowaidi.

“This investment builds on QIA’s theme of diversified energy transition and critical minerals investments,” he added.

For his part, TechMet Founder, Chairman and CEO, Brian Menell, said: “QIA’s investment further highlights TechMet’s position as a leading global critical minerals investment company.”

In a statement, TechMet said the funds will be used to develop both its existing assets and to continue to build its portfolio with strategic projects that scale production and refining of its target critical minerals, which include lithium, nickel, cobalt and rare earths.

The announcement sees TechMet meet its $300 million fundraising target, adding to a follow-on investment from S2G Ventures, bringing their total commitment to $50 million; and an additional $50 million from the US International Development Finance Corporation (DFC).

Now valued at well over $1 billion, TechMet is one of the largest private investors in critical minerals supply chains.

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Vision 2030 Sets Saudi Arabia on the Path to Energy Sustainability, Emissions Reduction

 A solar energy project in Saudi Arabia (SPA) 
 A solar energy project in Saudi Arabia (SPA) 
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Vision 2030 Sets Saudi Arabia on the Path to Energy Sustainability, Emissions Reduction

 A solar energy project in Saudi Arabia (SPA) 
 A solar energy project in Saudi Arabia (SPA) 

For decades, Saudi Arabia heavily relied on traditional energy sources as a cornerstone of its national energy mix. This reliance led to significant fossil fuel consumption and a rise in carbon emissions. Despite the Kingdom’s abundant natural resources in solar and wind energy, previous investments in these renewable sources were not scaled to their full potential.

However, with the launch of Vision 2030, a transformative shift began. Diversifying energy sources became a strategic priority for achieving environmental sustainability and reducing carbon emissions. Saudi Arabia introduced the National Renewable Energy Program and the Custodian of the Two Holy Mosques Initiative for Renewable Energy. According to the Vision 2030 Report for 2024, these initiatives have significantly accelerated the diversification of the national energy portfolio.

Under these frameworks, Saudi Arabia has achieved notable milestones in the renewable energy sector, including setting a global record for the lowest cost of electricity production from solar and wind energy. The Kingdom has also begun implementing sustainable transportation solutions utilizing hydrogen, while actively supporting the broader transition to a low-carbon energy future.

As part of these efforts, Saudi Arabia has taken practical steps to develop hydrogen-powered transportation solutions and to expand its reliance on low-carbon energy sources. These initiatives are aimed at ensuring the long-term sustainability of the Kingdom’s energy resources, thereby advancing sustainable development and supporting the creation of a thriving green economy.

In the field of energy storage, Saudi Arabia now ranks among the world’s top ten markets. Current projects provide 26 gigawatts of storage capacity, with a target of reaching 48 gigawatts by 2030. Among these projects is the Bisha Energy Storage Project, one of the largest of its kind in the Middle East and Africa, boasting a capacity of 2,000 megawatt-hours and housing 488 state-of-the-art battery containers.

The Kingdom has also made significant advancements in the conventional energy sector. Two new oil fields and two unconventional reservoirs were discovered in the Eastern Province, reinforcing Saudi Arabia’s standing as a leading global energy supplier. These new discoveries produce approximately 11,437 barrels per day of Arabian oil and 9.39 million standard cubic feet per day of associated gas.

In addition, two natural gas fields and two reservoirs were discovered in the Empty Quarter, yielding 140 barrels per day of condensates and 19.5 million standard cubic feet per day of associated gas.