-- Greenland Resources (MOLY.TO) has applied for an equity investment from the European Innovation Council's 'EIC STEP Scale Up' scheme for a total of 50 million euros, the company said Monday.
The investment will be partly funded by Horizon Europe, with the remainder provided by targeted committed capital providers, the company said.
The application has successfully passed an eligibility criteria assessment, achieved the Sovereignty STEP Seal project excellence status, and was recommended by panel of jurors to the EIC Fund, which will make a final decision, subject to further due diligence, according to Greenland Resources.
The EIC STEP scheme aims to scale up innovation in Europe's strategic technology sectors such as clean and resource efficient technologies including strategic raw materials.
The program provides equity investments ranging from 10 million to 30 million euros, aiming to leverage private co-investment and achieve financing rounds of 50 million to 150 million euros or more.
As part of the EIC STEP requirements, Greenland Resources has received firm commitments for an additional 40 million euros from two qualified investors to co-invest alongside the EIC Fund.
Greenland Resources is developing the Malmbjerg molybdenum project in Greenland.
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