Neometals Ltd (AU:NMT) has released an update.
Neometals Ltd’s subsidiary, Novana, has received a €0.5 million grant and an offer for a minority stake by EIT RawMaterials, co-funded by the EU, to advance its Finnish Vanadium Recovery Project. The funding will aid in project financing, leveraging a potential new Finnish State 20% investment tax credit and a €15 million conditional investment grant from the EU-backed Finnish State NextGeneration fund. Additionally, Novana is seeking to secure a €400 million project financing package with assistance from Nordic banks and EIT RawMaterials.
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