€1.5M Injection Advances Nordic Vanadium Recovery Technology Piloting

EIT RawMaterials Deepens Commitment

EIT RawMaterials GmbH, a European Union-backed innovation network, has expanded its investment in the Finnish Vanadium Recovery Project (VRP1) by injecting an additional €1.5 million (approximately A$2.7 million) into Novana Oy. Novana, a wholly owned subsidiary of Recycling Industries Scandinavia AB (RISAB), is commercialising Neometals’ patent-pending vanadium recovery technology in the Nordic region.

This latest funding round follows two prior investments in 2024 and early 2025, underscoring EIT RawMaterials’ sustained confidence in the project’s technical and commercial potential. The capital is earmarked primarily for piloting a novel beneficiation process designed to enhance feed grade, which could significantly reduce both operating and capital costs, thereby improving the project's overall economics.

Strategic Positioning in Europe’s Critical Materials Landscape

Novana holds an exclusive license for the VRP technology across Finland, Denmark, Sweden, and Norway, alongside a non-exclusive license elsewhere. The project has secured critical milestones including a long-term lease for the plant site in Pori, Finland, environmental permits, and a binding offtake agreement with Glencore International AG for 100% of its vanadium pentoxide (V2O5) output.

Neometals, which owns the underlying technology, will receive a 2.5% gross revenue royalty from sales generated by Novana’s use of the process. However, Neometals does not intend to participate in the current equity or debt funding rounds, which means its stake in the project will be diluted as EIT RawMaterials and other investors increase their holdings.

Broader Implications and Future Outlook

EIT RawMaterials’ role extends beyond funding; it is actively assisting Novana in securing project financing, including engagement with Nordic bank SEB. The organization also holds a minority shareholding in RISAB and may acquire additional shares under a proposed option, signaling a deeper strategic interest in the project’s success.

With Europe’s growing focus on securing sustainable and domestic sources of critical materials, VRP1 aims to become the continent’s first producer of high-purity vanadium with a low-to-negative carbon footprint. This aligns with broader EU objectives to strengthen supply chains for materials essential to high-strength steel, aerospace alloys, and energy storage technologies.

Neometals’ Managing Director Christopher Reed highlighted the significance of this support, emphasizing the potential to leverage Finnish state and EU backing to deliver a competitive and environmentally responsible vanadium supply. Meanwhile, EIT RawMaterials CEO Bernd Schäfer framed the investment as part of a wider commitment to accelerating raw materials innovation and industrial scale-up in Europe.