Libra Group Announces Strategic Investment in U.S. Rare Earth and Critical Mineral Company GreenMet
Global conglomerate builds on strong renewable energy portfolio with strategic investment in technology supply chain company supporting North American rare earth mineral interests
[March 17, 2022, New York, NY] Today, the Libra Group, an international business group whose subsidiaries have assets and operations in over 50 countries, announced it has made a strategic investment in green energy company GreenMet, formerly known as Greentech Minerals Holdings. GreenMet is leading the infrastructure development of sustainable supply chains for critical rare earth minerals, such as green steel, to meet U.S. and greater North American green energy and technology needs.
The company was established to address the need for responsibly sourced critical minerals and metals, which are vital to advance uptake of renewable energy, build infrastructure, and compete globally. This investment is a natural next step for the Libra Group and complements its broad renewable energy portfolio that includes solar, wind, and biogas. Greenmet is currently working to develop six major projects that have a combined projected value of over $2 billion and is quickly building unprecedented solutions in the battery and magnet supply chain.
GreenMet was founded by former Green Berets and public servants, including former senior administration and congressional staffers. The team is led by CEO Drew Horn, a former U.S. Army Special Forces officer, who later led U.S. efforts to assess and respond to vulnerabilities in the rare earth supply chain. He has examined these issues from many lenses, including through his work with the White House, Department of Energy, and the Office of the Director of National Intelligence. He founded GreenMet to address the overwhelming need for a sustainable and secure supply chain for rare earth metals, magnets, and green steel in North America.
“Ensuring a sustainable supply chain for rare earth minerals and metals, to include green steel, is vital to our national interests and economic future,” said GreenMet CEO Drew Horn. “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.”
The U.S. rare earth mineral market is a multibillion-dollar sector due to the central role they play in everyday products such as smartphones and computers, as well as modes of transportation and energy production, and even health equipment and critical national security devices such as fighter jets and drones. As North America works to transition to affordable renewable energy sources, rare earths are essential components of solar panels, wind turbines, and electric vehicle batteries.
This strategic investment comes on the heels of an announcement by the Biden Administration about the critical need for domestic production of minerals and mining to address a significant shortage. Currently, 84 percent of rare earth extraction and production is done outside of North America. Furthermore, there are no globally accepted mining standards or ESG principles applied to ensure sustainable and responsible supply chain practices.
Libra Group Chairman and CEO George Logothetis stated, “GreenMet is a natural next step for our Group, including global subsidiaries that are laying the foundation for our clean energy future with utility-scale solar and wind energy. This work is critical to the global economy and our planet’s future.” Logothetis continued, “Drew and GreenMet’s leadership have an unparalleled understanding of rare earth mineral suppliers and buyers with a proven, global perspective. Libra Group is proud to advance GreenMet’s mission of ensuring a more sustainable supply chain for these precious materials that underpin the U.S. economy. Ensuring these materials are responsibly-sourced is key to transitioning to a secure, green energy future.”
As part of the strategic partnership between the Libra Group and GreenMet, four members of the Libra Group Executive Team will be appointed to the GreenMet Board of Directors. GreenMet currently has six developed projects in the pipeline. The company will soon unveil an expert advisory team including academics and ESG leaders to inform its business.
About the Libra Group
The Libra Group (www.libra.com) is a privately-owned international business group whose subsidiaries manage and operate assets in more than 50 countries. Libra is predominantly active in six sectors, including several vital to the global economy. Sectors include renewable energy, shipping, aviation, hospitality, and real estate, as well as selected diversified investments. The Group has also created 10 social responsibility programs that have a positive impact on the lives of many people around the world. These programs reflect the Group’s values, as well as a deep commitment to ESG at the core of everything we do.
GreenMet (www.Greenmet.com) is focused on developing the infrastructure for sustainable, reliable and secure supply chains of rare earth metals and minerals to meet North American energy and technology needs. This includes the production of rare earth minerals and metals, including the production of key magnets, battery material, and green steel.