Key facts
- URIF and BGV Group Management will develop a joint investment platform for early-stage mining projects in Ukraine.
- The initial focus of the critical minerals project will be on rare earths, beryllium, and zirconium deposits.
- The critical minerals deal is reportedly worth around $30 million.
- URIF will provide access to capital for DTEK's battery storage project, which received an 85 million euro loan.
- URIF will take an equity investment in a combined heat and power (CHP) cogeneration platform.
- Total funding for the new investments is around $70 million.
The U.S.–Ukraine Reconstruction Investment Fund (URIF) has announced its first critical minerals deal with Ukrainian firm BGV Group Management, as well as new investments in energy projects aimed at bolstering Ukraine's infrastructure. The critical minerals project will establish a joint investment platform to develop early-stage mining projects, focusing initially on rare earths, beryllium, and zirconium deposits.
This initiative is part of a broader bilateral investment arrangement between the U.S. and Ukraine, established in April 2025, which aims to give the U.S. favorable access to investment projects within Ukraine. The critical minerals deal is reportedly valued at approximately $30 million.
In addition to the mining venture, URIF is supporting Ukraine's energy sector. This includes providing access to capital for DTEK, Ukraine's largest private energy firm, which is undertaking an 85 million euro ($97 million) battery storage project. DTEK's facility, opened in September with American firm Fluence Energy Inc., utilizes 698 Gridstack batteries to form a 200-megawatt system capable of powering 600,000 homes and stabilizing the grid.
URIF will also make an equity investment in a combined heat and power (CHP) cogeneration platform designed to create community-scale energy hubs. These hubs are intended to restore energy supply to homes affected by Russian attacks on energy infrastructure.
Officials stated that the total funding for these new investments amounts to approximately $70 million. For the first decade of the fund's agreement, all profits are to be reinvested in Ukraine, with potential for U.S. military assistance to be considered as contributions.