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.