Neometals secures conditional grant for VRP1 in Pori, Finland [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance
The grant, which will support the development of the project, is contingent upon the company securing the remaining equity and debt financing needed for VRP1. Neometals holds an 86.1% interest in Recycling Industries Scandinavia (RISAB), which is the sole owner of Novana, the entity responsible for developing VRP1. Previously, the company announced that the VRP1 feasibility study demonstrated the potential for vanadium pentoxide (V O ) production at lowest-quartile operating costs, alongside a low-to-negative carbon footprint. Novana is currently engaged in a project financing selection process, with a goal of raising approximately €400m in total financing. Nordic bank Skandinaviska Enskilda Banken is managing the debt component, while EIT RawMaterials is managing the equity package. The conditional grant from Business Finland is expected to decrease the equity financing required for the project. Novana holds the exclusive licence to Neometals' VRP technology within the N
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