Mining investor TechMet closes second funding round at $120 million

(Reuters) – Mining investment firm TechMet, which counts the U.S. government as its largest investor, said on Thursday it had closed its second round of funding at $120 million, roughly 50% higher than initially expected.

The firm, which is an investor in battery recycler Li-Cycle Corp, has now raised nearly $133 million between its two rounds of funding. TechMet plans to use the funds to continue investments in mines and other projects that produce metals used to make electric vehicles.