(Corrects fourth paragraph to show U.S. InternationalDevelopment Finance Corporation is independent of U.S. Agencyfor International Development)April 15 (Reuters) - Mining investment firm TechMet, whichcounts the U.S. government as its largest investor, said onThursday it had closed its second round of funding at $120million, roughly 50% higher than initially expected.The firm, which is an investor in battery recycler Li-CycleCorp, has now raised nearly $133 million between its two roundsof funding. TechMet plans to use the funds to continueinvestments in mines and other projects that produce metals usedto make electric vehicles."Our industry must completely transform itself in order tosupply these strategic materials in the quantities necessary,"said Brian Menell, TechMet's chief executive.
The U.S. International Development Finance Corporation, partof the U.S. government that invests in overseas developmentprojects, is TechMet's largest investor. Other large investorsin the second funding round include hedge fund LansdownePartners and global energy trader Mercuria.TechMet, which is an investor in Brazilian Nickel and U.S.Vanadium, said it plans a third round of funding for later thisyear with a goal of raising at least $250 million. (Reporting by Ernest ScheyderEditing by David Holmes)
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