US Department of Defense Commits $450 Million Investment to Elmet Group

The US Department of Defense has committed a $450 million investment to The Elmet Group to secure critical strategic metal tungsten supply chains that are heavily reliant on China. In a statement released on April 14, The Elmet Group disclosed that the investment will be structured as repayable preferred shares. The company stated that the US government will receive convertible preferred shares, warrants for up to 19.9% of common stock, and rights to appoint one independent director and one non-voting board observer.

The Elmet Group plans to use the funds to expand manufacturing capabilities within the United States and secure tungsten raw materials and processing capacity. The company aims to build a tungsten supply chain centered around the US and allied nations for defense material production.