In support of Greenland’s resource development, EIFO, Denmark’s export credit institution, has extended a €5.2 million ($6 million) loan to UK-based GreenRoc Strategic Materials for the revival of a former graphite mining project in the south of the island.
In a statement issued Wednesday, EIFO noted that this financing aligns with its wider engagement in Greenland, where it has already provided nearly €52 million in loans, guarantees, and investments to 25 companies across multiple sectors.
“EIFO is proud to support GreenRoc as it advances towards becoming a key supplier of essential raw materials that will underpin Europe’s green transition and defence industries,” explained Peter Boeskov, EIFO’s CCO.
EIFO CEO Peder Lundquist added, “By partnering with GreenRoc, we are investing in a company that could play a crucial role in strengthening graphite supply chains and generating employment in Greenland.”
Graphite has been classified by both NATO and the European Union as a critical raw material due to its importance in batteries, energy storage systems, and defence technologies.