Soaring demand for its satellite earth-scanning technology by companies hunting for lithium, rare earths and copper to power the shift to electric vehicles has prompted Fleet Space Technologies to embark on a capital raising larger than its $39 million raise a year ago.

Chief executive Flavia Tata Nardini says the group now has 27 companies either using or preparing to use its technology, made up of a nano-satellite system in space connected to ground sensors which “scan” the earth for the most likely spots for lithium and rare earth minerals.