Exclusive: Ukrainian defense tech firm lands first US-Ukraine minerals fund deal
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The first investment will go to Sine Engineering, a Ukrainian dual-use military technology company, two people familiar with the deal told the Kyiv Independent.
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Business Exclusive: Ukrainian defense tech firm lands first US-Ukraine minerals fund deal March 23, 2026 8:54 pm • 2 min read Prefer on Google by Liliane Bivings, Dominic Culverwell Just over a year after a dramatic Oval Office clash derailed the now-infamous "minerals deal," the fund it spawned is making its first move, backing Ukraine's defense tech sector as global conflicts intensify. The first of three investments planned this year by the fund — officially known as the U.S.-Ukraine Reconstruction Investment Fund — will go to Sine Engineering, a Ukrainian dual-use military technology company, two people familiar with the deal told the Kyiv Independent. The deal is expected to be formally announced by Ukraine and the U.S. Development Finance Corporation that jointly created the fund with Kyiv this week, a source said. The DFC is currently in Kyiv to discuss the fund with its Ukrainian counterparts. The size of the investment is not yet known. Become a member – go ad‑free The minerals deal was contentious from the outset, after U.S. President Donald Trump proposed using Ukraine’s "rare earth" resources as repayment for U.S. military aid. Early drafts, leaked to the press, drew sharp criticism and raised concerns that Washington was seeking unprecedented control over Ukraine’s critical minerals. Ukrainian officials pushed back, and the deal was ultimately reshaped into a first-of-its-kind arrangement. It is now a jointly managed, private equity–style fund between two sovereign nations targeting strategic sectors such as technology, energy, and minerals, a senior U.S. official said in Kyiv in January. Since a portal went live earlier this year to accept applications, over 130 projects have been submitted to the fund. For the first ten years, all profits from the fund will be reinvested in Ukraine's economy, with Kyiv and Washington allocating $75 million each in seed capital last September. Become a member – go ad‑free Sine Engineering is a Lviv-based startup co-fou...
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