United States: The US-Ukraine Reconstruction Investment Fund (URIF) on Friday approved its first critical minerals deal as part of a series of new investments, according to the US Treasury Department.
Under the plan, URIF will establish a joint investment platform with Ukrainian company BGV Group Management to build a portfolio of early-stage mining projects across Ukraine, with an initial focus on rare earths, beryllium, and zirconium deposits.
The fund also approved an equity investment in a combined heat and power co-generation platform intended to restore electricity and heat supply damaged by the conflict, and debt financing for DTEK's 200 MW/400 MWh battery energy storage system across six sites in Ukraine.
The Treasury said the moves mark continued progress under an agreement signed in April 2025 to establish URIF. The fund made its first investment in March in emerging-technology company Sine Engineering.
URIF is a joint US-Ukrainian investment vehicle focused on Ukraine's reconstruction and what Washington describes as shared economic security. The latest investments expand US access to Ukraine's critical mineral resources amid the ongoing conflict.