URIF Approves Additional Investments and Partnerships in Energy and Critical Minerals

What this means

The joint U.S.-Ukrainian board of the U.S.-Ukraine Reconstruction Investment Fund approved three initiatives on October 2, 2026: a critical-minerals investment platform with BGV Group Management, an equity investment in community-scale combined heat-and-power hubs, and debt financing for DTEK’s operating 200-megawatt, 400-megawatt-hour battery-storage system across six Ukrainian sites. Treasury said the minerals platform will initially focus on rare-earth, uranium, beryllium and zirconium assets, the heat-and-power project is intended to serve thousands of households, and the battery system has capacity equivalent to supplying about 600,000 homes for two hours. The release does not state the investments’ dollar amounts, pricing, ownership shares or completion schedules.

Official release

Source material from U.S. Department of the Treasury. The wording below is the issuer’s statement.

October 2, 2026

WASHINGTON, D.C. and KYIV – The U.S.–Ukraine Reconstruction Investment Fund (URIF) today approved a number of new investments to advance the shared economic and strategic interests of the United States and Ukraine. These investments will help secure critical supply chains, strengthen Ukraine’s energy resilience, and develop its critical mineral sector.

“URIF’s first investment in March demonstrated that it was open for business. Today’s board approval of additional investments in Ukraine’s critical minerals and energy sectors signals investor support for Ukraine’s recovery and future prosperity,” said U.S. Treasury Secretary Scott Bessent. “These investments represent the continued realization of the vision behind the novel agreement that Prime Minister Svyrydenko and I signed in April 2025 to establish URIF and give America a direct stake in Ukraine’s long-term peace and prosperity,”

“Today's Board meeting marks an important step forward for the U.S.-Ukraine Reconstruction Investment Fund. These investments strengthen Ukraine's energy resilience, develop critical mineral resources, and support innovative Ukrainian companies. Together these projects are building the foundation for Ukraine's economic recovery and deepening the partnership between our countries,” said DFC CEO Ben Black.

“This round of investments shows the growing scope of the U.S.-Ukraine partnership, from energy and critical minerals to telecommunications and emerging technologies. For URIF, it is an important step in building a track record of investments that gives investors confidence in Ukraine. We want to see more Ukrainian companies develop through this partnership and create new opportunities for the Ukrainian economy,” said Oleksii Sobolev, Deputy Head of the Office of the President of Ukraine.

The joint U.S.-Ukrainian URIF board of directors approved the following today:

Expanding Investment in Ukraine’s Critical Minerals: URIF will establish a joint investment platform with Ukrainian company BGV Group Management. The platform will seek to build a diverse portfolio of early-stage mining projects across Ukraine, supporting the development of Ukraine’s critical minerals sector. Its initial focus will be on identified assets of rare earths, uranium, beryllium and zirconium deposits. This platform aims to significantly scale up Ukraine’s critical mineral production, creating Ukrainian jobs and investment opportunities for U.S. and Ukrainian companies and international investors, while shoring up secure supply chains of these vital critical minerals for U.S. and allied markets.

Restoring Heat and Power to Ukrainian Communities: URIF’s equity investment in a multi-site distributed combined heat and power (CHP) cogeneration platform will support the construction and operation of a series of community-scale energy hubs designed to restore electricity and heat supply damaged by the war. Once completed, the project is intended to provide heat and power to thousands of households, ensuring access to vital energy and heat in Ukraine as the conflict continues.

Enhancing Ukraine’s Energy Security: URIF’s debt investment provides financing for DTEK’s 200 MW/400 MWh battery energy storage system across six sites in Ukraine. The system is operational, with enough capacity to supply electricity equivalent to approximately 600,000 Ukrainian homes for two hours and provide the country’s power grid with greater resilience and stability. The project is built by DTEK, Ukraine’s largest private energy company, and leverages American energy technology at the battery storage sites to provide backup power and enable faster grid restoration.

Today’s announcement comes one year after the United States and Ukraine established URIF’s initial capital base and launched the Fund’s operations, moving URIF from an institutional framework to capital deployment. The Fund made its first investment in emerging-technology company Sine Engineering in March of this year. In June, the U.S. International Development Finance Corporation signed a cooperation agreement with the Multilateral Investment Guarantee Agency (MIGA) to develop a political risk insurance framework that will catalyze and support private sector investment and capital mobilization in Ukraine in connection with URIF’s investments.

URIF is a joint U.S.–Ukrainian investment fund and a key pillar of the economic partnership between the Trump administration and the Government of Ukraine. The Fund harnesses American and Ukrainian talent, resources, and expertise to mobilize U.S. and aligned private capital and create strategic investment opportunities in Ukraine for the United States, its allies, multilateral development banks, and private investors. URIF focuses on investments that support Ukraine’s reconstruction, supply chain resilience, and the shared economic security and prosperity of Ukraine and the United States.

For more information and to submit a project proposal, please visit URIF’s website: https://urifinvest.com.

Release text attributed to U.S. Department of the Treasury. Consult the official publication for any subsequent corrections or updates.