"Velta Holding US Inc. signed a trilateral Memorandum of Understanding with the UAE-based Abu Dhabi Ports subsidiary KIZAD, and a private financial institution to attract investments for the construction of a plant for titanium goods production based on company’s own innovative technology in the UAE," reads the statement by Velta Holding.
As noted, Velta Holding US Inc. owns a titanium ore mining and processing complex in Ukraine through its subsidiaries. In 2020-2021, the company obtained two patents for a new technology for titanium metal and alloys production, which reduces their cost fourfold and generates zero waste.
Since 2009, the UAE has been pursuing the national policy of reducing the country's economic dependency on oil production and exports.
"KIZAD, which is subsidiary of the Abu Dhabi Ports, is a key destination for attracting new businesses, as the UAE government is a front runner when it comes to promoting and embracing innovative technologies," said Andriy Brodskyy, Velta CEO and key shareholder, upon signing the Memorandum of Understanding.
The signing of the Memorandum of Understanding marks the intent of KIZAD and Velta Holding to enter into a strategic partnership and to build the first fully integrated production plant, from feedstock to final titanium goods, in the territory of KIZAD’s Metals Cluster, where some of the world’s leading manufacturers of metal products are located now. The Memorandum of Understanding is viewed with great interest by some of the institutional investors in the UAE, who are keen to make investments in non-ferrous metal projects in the UAE.
As a reminder, Velta Holding US Inc. owns the Ukrainian company Velta LLC, which in turn owns two resource assets – the Likarivske and Birzulivske deposits. For the past 11 years, the latter has been serving as the basis of titanium feedstock mining and processing complex. Velta holds 2% of the global market share for titanium raw materials and is an export-oriented company.
The holding also includes the Velta RD Titan research center, which developed and patented an innovative technology for titanium metal production in 2020, and for titanium alloys production in 2021.
Photo credit: Velta Holding
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