(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.

"Our industry must completely transform itself in order to supply these strategic materials in the quantities necessary," said Brian Menell, TechMet's chief executive.

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