Neometals has secured a €48.7 million ($86.6 million) grant from the Finnish Government through Business Finland to fast-track its Vanadium Recovery Project in Finland. The funding will support the development of a sustainable, industrial-scale vanadium production facility, strengthening Europe’s supply of this critical raw material.
The grant is contingent on Neometals securing the remaining equity and debt financing required to complete the project. With a market capitalization of $42.38 million, the company plans to build the processing plant via Novana, using industrial side streams from Recycling Industries Scandinavia as feedstock. The facility will employ proprietary leaching technology to extract vanadium, while converting by-products into eco-friendly building materials such as concrete.
The plant is expected to produce around 9,000 tonnes of vanadium per year, accounting for 5–6% of global vanadium output and supplying up to 60% of Europe’s vanadium demand. This positions the project as a key contributor to vanadium supply security, green energy solutions, and sustainable infrastructure development in the region.
Neometals CEO Chris Reed highlighted vanadium’s strategic role as a critical mineral across the EU, United States, and Australia. “This grant significantly reduces the equity needed for our project, which aims to deliver zero-carbon-footprint vanadium from industrial side streams in the Nordics,” Reed said.
Neometals currently owns an 86.1% stake in Recycling Industries Scandinavia, the parent company of Novana, ensuring operational control over the vanadium recovery process.
This project underscores Europe’s growing focus on securing critical raw materials, particularly vanadium for battery technologies, steel strengthening, and eco-friendly construction, highlighting the continent’s drive toward a sustainable, resilient supply chain.
