The U.S.-Ukraine Reconstruction Investment Fund has signed an agreement on its first critical minerals project and launched four additional projects, bringing the total value of the fund’s projects to around $70 million.

Approximately $30 million will be invested in the fund’s first minerals project through a joint platform with Ukrainian company BGV Group.

During the initial stage, the fund will focus on early-stage mining projects in Ukraine, particularly deposits of rare earth elements, uranium, beryllium and zirconium.

According to Conor Coleman, head of the fund’s investment division, all of these resources are included on the U.S. critical minerals list, meaning the projects are aligned with Washington’s priorities.

Two of the newly launched projects are focused on strengthening Ukraine’s electricity and heating systems.

One involves developing a battery storage system capable of providing backup electricity for around 600,000 Ukrainian households for up to two hours.

The other project aims to establish a network of energy hubs to help restore damaged electricity and heating infrastructure.

The fund was established under a critical minerals agreement signed by the United States and Ukraine in April 2025. In addition to mineral resources, it invests in strategic sectors including defense, energy and infrastructure.