Horten advised The Export and Investment Fund of Denmark (EIFO) on a secured convertible loan agreement with GreenRoc Strategic Materials Plc to finance GreenRoc’s exploration and development of the Amitsoq mine in Greenland.
The funds will be used to finance further exploration for high-grade graphite in the southern part of Greenland and to establish a pilot processing plant.
GreenRoc Strategic Materials Plc is a UK-based mining company listed on the London Stock Exchange, which focuses on developing critical mineral projects in Greenland, primarily graphite and ilmenite, and the company's strategy is to become a vertically integrated supplierd of graphite anode materials for the electric vehicle industry.
Graphite is essential for the energy transition as it makes up the active component in Li-ion battery anodes, with an electric car battery containing 40 - 80 kg of coated, purified, spherical graphite. Another substantial demand comes from the fast growing Battery Electric Storage Systems for e.g. solar farms.
GreenRoc is working to create a secure European supply of coated, purified graphite anode material using graphite from the Amitsoq mine. As such, the Amitsoq mine project plays a vital role in supporting the green transition in Europe, which aligns well with EIFO's general aim to contribute to a sustainable and green transition.
The Horten team consisted of partner Lars Lüneborg and counsel Helle Muff Højbjerg.
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