The U.S.–Ukraine Reconstruction Investment Fund (URIF) approved a series of new investments on Friday aimed at securing critical supply chains, strengthening Ukraine's energy resilience and developing its critical minerals sector.
The joint U.S.-Ukrainian board approved a joint investment platform with Ukrainian company BGV Group Management to build a portfolio of early-stage mining projects, initially focused on rare earths, uranium, beryllium and zirconium deposits. URIF also approved an equity investment in a multi-site distributed combined heat and power cogeneration platform to build community-scale energy hubs intended to restore electricity and heat damaged by the war.
A third approval provides debt financing for DTEK's 200 MW/400 MWh battery energy storage system across six sites in Ukraine. The system is operational, with capacity to supply electricity equivalent to roughly 600,000 Ukrainian homes for two hours, and uses American energy technology to provide backup power and enable faster grid restoration.
"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.
Bessent said the investments represent the continued realization of the vision behind the agreement he signed with Prime Minister Svyrydenko in April 2025 to establish URIF and give America a direct stake in Ukraine's long-term peace and prosperity.
DFC CEO Ben Black said the board meeting marked an important step forward for the Fund, adding that the projects strengthen Ukraine's energy resilience, develop critical mineral resources and support innovative Ukrainian companies.
Oleksii Sobolev, Deputy Head of the Office of the President of Ukraine, said the round shows the growing scope of the partnership, from energy and critical minerals to telecommunications and emerging technologies, and that URIF wants to see more Ukrainian companies develop through it.
The announcement comes one year after the United States and Ukraine established URIF's initial capital base and launched operations. The Fund made its first investment in emerging-technology company Sine Engineering in March, and in June the U.S. International Development Finance Corporation signed a cooperation agreement with the Multilateral Investment Guarantee Agency to develop a political risk insurance framework supporting private sector investment in Ukraine connected to URIF.