Neometals Secures €0.494M Investment for Finnish Vanadium Project
Neometals, led by Managing Director Chris Reed, has secured a significant investment from EIT RawMaterials to advance its innovative vanadium extraction project in Finland. This project could potentially address Europe's challenges in securing sustainable resource supply, particularly for critical materials in the tech industry.
The project, based in Pori, Finland, aims to locally produce high-purity vanadium pentoxide from steel slag, a byproduct of steel production. This innovative method of extraction could make Neometals the first European company to produce this critical resource locally.
The investment, totaling €0.494 million, will not only foster industrial innovation but also strengthen Europe's resource supply chain. Reed highlighted the crucial role of EIT RawMaterials' support in realizing Neometals' ambitious goals. The project's success could serve as a blueprint for further initiatives, enhancing Europe's industry independence and resilience against global market fluctuations.
With EIT RawMaterials increasing its stake to 2.2%, confidence in Neometals' team and the project's significance is evident. The company, led by Reed, is poised to significantly contribute to solving Europe's resource supply challenges, particularly in the tech industry.
