On Thursday, Libra Group, the international business group owned by the Logothetis shipping family, and whose subsidiaries are active in over 50 countries, announced it has made a strategic investment in green energy company GreenMet, formerly known as Greentech Minerals Holdings. GreenMet is a developer of infrastructure for sustainable supply chains providing critical rare earth minerals, such as green steel, to meet U.S. and greater North American green energy and technology needs.
GreenMet was established to address the need for responsibly sourced critical minerals and metals, which are vital to advance the uptake of renewable energy, build infrastructure, and compete globally. In a statement announcing the transaction, Libra Group said the strategic investment would complement 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,” Horn said in a comment on the investment. “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. Additionally, there are no globally accepted mining standards or ESG principles applied to ensure sustainable and responsible supply chain practices.
“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,” Libra Group Chairman and CEO George Logothetis said in a comment on the deal. “This work is critical to the global economy and our planet’s future.
“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 join GreenMet’s Board of Directors. GreenMet is expected to unveil an expert advisory team in the near future, including academics and ESG leaders, to inform its business.
