US-Backed TechMet Unveils Trading Unit for Lithium, Cobalt and Nickel to Counter China’s Dominance
LONDON – US government-backed investment company TechMet is launching a new trading arm to focus on critical minerals, aiming to strengthen Western supply chains in markets where China currently holds a dominant position, its CEO announced on Thursday.
The new unit, TechMet SCM, will trade specialty metals sourced both from TechMet’s portfolio companies and from third parties.
Initial priorities include battery metals such as lithium, cobalt, and nickel, with plans to expand into rare earth elements.
“We’re aligned with the re-shoring of supply chains towards the West, and you can’t have a better differentiator than having this US DFC anchorage,” said Quentin Lamarche, CEO of the new trading unit, referring to the US International Development Finance Corporation (DFC), one of TechMet’s largest investors.
When asked if the new arm would engage in deals with US agencies, Lamarche declined to disclose specific customers but added: “It’s no secret we want to play an active role.”
TechMet SCM will operate from three locations: Washington DC, Brussels, and South Korea. Lamarche, based in Brussels, said the Seoul office reflects the strategic importance of the Asian battery sector. A new hire is expected to join the Washington office in the coming weeks.
Privately held TechMet holds stakes in 10 companies, including Brazilian Nickel, Cornish Lithium, Rainbow Rare Earths (RBWR.L), and Momentum Technologies, the latter of which has developed technology to recycle EV batteries and rare earth permanent magnets.
Until now, TechMet’s trading operations were managed through a joint venture with Mercuria, one of its largest shareholders.
Under the new structure, TechMet SCM will be wholly owned by TechMet, giving the company greater agility and flexibility.
“Mercuria remains a shareholder, and we will continue to work with them, but the new structure makes us more agile,” Lamarche explained.
Before joining TechMet, Lamarche worked for Specialty Metals Resources in Hong Kong and Umicore in Belgium.
Alongside the US DFC and Mercuria, other major TechMet investors include the Qatar Investment Authority, S2G Investments, and Lansdowne Partners.
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