- Libra Group makes strategic investment in GreenMet, formerly known as Greentech Minerals, cleantech for the supply chain of rare earth minerals
- According to US-based GreenMet, 84% of rare earths are sourced from outside North America with no universal market regulations, either legal or ESG
- Libra has expanded its portfolio to capitalise on high demand in the tech supply chain, manufacturing and increased interest in the energy transition
Libra Group has announced a strategic investment in the cleantech GreenMet, a business focused on the supply and infrastructure behind rare earth minerals. The investment in GreenMet, formerly known as Greentech Minerals, aims to accelerate Libra’s impact ambitions, that in addition to rare earths will now extend to green steel, capitalising on high demand in the tech supply chain, manufacturing and increased interest in the energy transition across industries.
GreenMet is “Building the blueprint to protect North America’s Critical Rare Earth Future.” The business is developing the infrastructure for sustainable and robust supply chains of rare earths that are responsibly sourced to service the multibillion-dollar market in the US, Canada and Mexico. GreenMet’s production includes components for magnets, batteries and ‘green steel’ materials.
Privately held, Libra boasts assets in fifty countries across renewables, transport, hospitality, and real estate, as well as claiming nearly a dozen social responsibility projects it says reflect a commitment to ESG. GreenMet aligns with Libra’s investment strategy and portfolio that includes solar, wind, and biogas.
GreenMet says it is currently undertaking work on six separate projects with a combined, projected value of over $2 billion. It claims demand for rare earth metals, magnets, and green steel has accelerated amid the transition to affordable, renewable energy sources, in which rare earths are essential for components of solar panels, wind turbines, and electric vehicle batteries.
Drew Horn, CEO of GreenMet:
"Ensuring a sustainable supply chain for rare earth minerals and metals, to include green steel, is vital to our national interests and economic future. We are proud to build the foundation for greater resource independence when it comes to rare earth minerals, which will power our technological progress and also allow North America to move toward a greener future."
George Logothetis, CEO & Chair of Libra Group:
"GreenMet is critical to the global economy and our planet's future with an unparalleled understanding of rare earth mineral suppliers and buyers with a proven, global perspective. Ensuring these materials are responsibly-sourced is key to transitioning to a secure, green energy future."