GreenMet is in talks with infrastructure funds and other investors about investment opportunities in generation and midstream mineral projects in Greenland, founder and CEO Drew Horn told Infralogic.

GreenMet, a mineral and energy firm that bills itself as the American conduit between private capital, public policy and critical mineral innovation, has leads on the holistic build out of energy and mining in Greenland, Horn said after spending two weeks in the country’s capital Nuuk.

“If we’re looking to develop a mine, we have to have a cost-efficient and proven energy solution,” said Horn, who was a senior advisor to the US Department of Energy during the first administration of President Donald Trump.

GreenMet is aware of two projects in the country that are advancing towards the project financing stage, he said.

One project GreenMet is tracking is a modular solar and geothermal project, Horn said. The other is a hydroelectric play “based off of a specific project that’s been developed for many years.”

State-owned Greenland energy company NunaGreen is looking to raise EUR 536m (USD 570m) for the Utoqqarmiut Kangerluarsunnguat (Buksefjorden) Hydropower Plant, Infralogic reported in January.

GreenMet is also in talks with partners about developing small modular reactor (SMR) nuclear projects in Greenland, Horn said.

According to an investor pitch deck shared with Infralogic, GreenMet has developed a plan “to identify funding opportunities in Greenland and execute its mission of establishing supply chains for critical minerals independent of Chinese control.”

The documents identify Cogency Power as a prospective provider of generation for mining, refining and metallurgy projects to serve end users in aviation, defense and manufacturing. They also profile Lumina Sustainable Materials, which owns and operates the only active mine in Greenland, the Qaqortorsuaq Anorthosite Mine.

Lumina is actively exploring new mining sites in Greenland, the documents state, and “with the proper funding, Lumina plans to establish a state-of-the-art processing facility in Jeffersonville, Indiana.”

Lumina also has mining operations in Mexico, the GreenMet documents states. The company received USD 130m in investment from private equity firms Cordiant Capital, of Canada, and Apex, of Switzerland, for Greenland operations and US expansion.

Doing business amid uncertainty

The political future of the world’s largest island, part of Denmark, has recently been called into question as US President Donald Trump insists it must be made part of the United States.

GreenMet, which has been supported since March 2022 by 44% minority shareholder Libra Group, is focused on the need for responsibly sourced critical minerals, metals, magnets, and green steel in North America, vital to advance the uptake of renewable energy, build infrastructure, and compete globally. The firm specializes in part in securing government grants for projects and contracting.

“The idea is to create a midstream alternative that’s more cost-efficient, clean and regulated than the current Chinese dirty solvent extraction options that dominate the market currently,” Horn said, pointing to midstream minerals projects in Nebraska, Missouri and Texas as good examples of that.

Greenland and Canada are sources of offtake agreements for those projects, Horn said.

Expanding its reach

GreenMet has capital – GreenMet Capital – and advisory arms – GreenMet Advisory – and is bringing in a strategic partner ahead of the launch of GreenMet Technologies, Horn said, declining to name which institution is supporting its new initiative.

“We are continuing to look for project finance partners,” Horn said. “There is an opportunity to work with us at a platform level, still, for those that are interested in participating at the right amount.”

GreenMet is also interested in the formation of new JVs to scale companies on the minerals processing side, Horn said, adding that he can be instrumental in securing federal funding. Ned Mamula, currently the chief geologist at GreenMet, is Trump’s nominee to lead the US Geological Survey.

One of the projects GreenMet is involved with is the Tanbreez mining project in southern Greenland, Horn said. The company is collaborating with financial services firm Cantor Fitzgerald, he said.

In GreenMet’s pitch deck, it states that Tanbreez needs approximately USD 211m for scaling production, infrastructure upgrades, and securing long-term hydropower agreements.

“It’s widely investable now,” Horn said of Tanbreez, which has a multi-billion capex. “Our primary role here is as a facilitator.”