Eurobattery Minerals

What Eurobattery Minerals does

Eurobattery Minerals AB is a Swedish public mining company (listed on Nordic Growth Market as BAT and on Börse Stuttgart as EBM) developing ethically sourced battery and critical raw material projects exclusively within Europe. The company's stated mission is to make Europe self-sufficient in responsibly mined battery minerals, with two core operating assets: the Hautalampi battery mineral project in Outokumpu, North Karelia, Finland (focused on nickel, cobalt, and copper) operated through wholly-owned subsidiary FinnCobalt Oy, and the San Juan tungsten project in A Gudiña, Galicia, Spain (focused on wolfram), held through majority-owned subsidiary Tungsten San Juan S.L. The firm serves European battery manufacturers, EV producers, defense and aerospace manufacturers needing tungsten, and downstream refining partners — addressing Europe dependence on third-country sources for critical raw materials and supplying materials with full traceability from exploration to production.

The underlying technology centers on conventional mining exploration and mineral processing. At San Juan, the company is engineering a dedicated gravity concentration processing plant — using gravimetric concentration circuits optimized for ore characteristics, with initial throughput of 10 t/h and a modular design for progressive scaling. Metallurgical testwork is conducted with SLR Consulting (cyclone classification, spiral separation, shaking table tests). At Hautalampi, the company plans domestic refining of nickel-cobalt concentrate through a partnership with Terrafame and electrification/instrumentation/automation/digitalization (EIAD) collaboration with ABB. San Juan holds all required mining permits and received a 30-year license extension to 2055; Hautalampi holds a feasibility study and is in environmental permitting, with a detailed zoning plan approved. Applications for Strategic Project status under the EU's Critical Raw Materials Act have been submitted for both assets.

The business model is pre-revenue mineral sales to European industrial offtakers under direct B2B offtake arrangements, with pricing tied to commodity market prices for nickel, cobalt, copper, and tungsten rather than proprietary pricing tiers. As of Q4 2025 the company reported SEK 0 thousand in net sales and a SEK -5,834 thousand operating loss after financial items. Capital has historically been sourced through equity-linked instruments and convertible facilities (Fenja Capital II A/S, Loft Capital Limited, directed share issues), and in February 2026 the company became fully debt-free after the final Fenja convertible instruments were converted into equity. San Juan targets first tungsten concentrate production in Q1 2027, with throughput scaling thereafter; Hautalampi remains subject to environmental permitting before construction.

Name

Eurobattery Minerals

Legal name

Eurobattery Minerals AB

Website

https://eurobatteryminerals.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

Eurobattery Minerals AB is a Swedish public mining company developing ethical, European-sourced battery minerals (nickel, cobalt, copper) and tungsten through its Hautalampi project in Finland and majority-owned San Juan tungsten project in Spain, targeting industrial, EV, and defense offtakers.

Ownership category

akta.pro rank

Product category

Critical Raw Materials Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Metal Mining (1000)

akta.pro primary industry

Exploration & Resource Development (Critical Minerals) (IMAKAFAL)

akta.pro secondary industries

Cobalt Mining & Refining (IMAKAFAC), Battery-Grade Chemical Processing (LiOH/Li2CO3, Ni/Co Sulfates, Mn Sulfate) (IMAKAFAI), Battery & Critical Minerals Trading (Lithium, Cobalt, Graphite, Manganese, Rare Earths) (IMAKAJAE)

Keywords

• Battery mineral mining
• Tungsten ore production
• Critical raw materials
• Nickel cobalt extraction
• Rare earth exploration

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Mineral Sales: Pre-revenue mining company that will generate revenue from selling extracted critical raw materials including nickel, cobalt, copper, and tungsten to European industrial customers, battery manufacturers, and EV supply chains.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Eurobattery Minerals is a Swedish mining company that explores, develops, and produces critical raw materials and battery minerals, including nickel, cobalt, and copper at the Hautalampi project in Finland and tungsten (wolfram) at the San Juan project in Spain. The company operates exclusively in Europe with full supply chain traceability, targeting near-term production of ethically sourced minerals for European battery manufacturers, EV producers, and defense/aerospace industries.

Product overview

Eurobattery Minerals is a Swedish mining company developing two primary mining projects: the Hautalampi battery mineral project in Finland (nickel, cobalt, copper) and the San Juan tungsten project in Spain. The company is transitioning toward production-oriented mining with near-term revenue visibility. The Hautalampi project focuses on battery minerals for the European electric vehicle supply chain, while the San Juan project targets tungsten production for strategic European industries including defense, aerospace, and green technologies. A dedicated tungsten processing plant is under development at San Juan with commissioning targeted for Q1 2027.

Differentiator

Problem solved

Functional benefit

Products and services

• Hautalampi Battery Mineral Project

Quantifiable outcome

• Targeting Q1 2027 for start of tungsten production at San Juan with initial throughput of 10 t/h
• +1 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Twelve partnerships are on record, tiered core and supporting.

• SLR Consulting LtdcoreImplementation/ SI/ Consulting Partner · 26 March 2026Metallurgical testwork partner for San Juan tungsten project. Approximately 1,000 kg bulk sample dispatched to SLR's laboratories in Truro, Cornwall for advanced gravity-based metallurgical testing including cyclone classification, spiral separation, and shaking table tests. Results expected Q3 2026.
• Minepro Solutions S.L.coreStrategic or Co-development Partner · 10 March 2026Specialist mineral processing engineering firm appointed to lead the full final engineering design and metallurgical reconfirmation programme for the Tungsten San Juan processing plant in A Gudiña, Ourense, Spain. Covers complete plant engineering across process, mechanical, electrical, and instrumentation disciplines with approximately 20-week programme.
• EUMINDA (Interreg Europe)supportingStrategic or Co-development Partner · 9 March 2026FinnCobalt participates in EUMINDA project, an EU-funded initiative focused on improving how mining regions manage mine closure, restoration, and long-term environmental and social impacts. Participation through Regional Council of North Karelia.
• Terrafame LtdcoreStrategic or Co-development Partner · 19 May 2025Non-binding Memorandum of Understanding to evaluate refining 100% of the nickel-cobalt concentrate from the Hautalampi project at Terrafame's facilities. Collaboration supports domestic processing and responsible European battery mineral value chains.
• ABB OycoreStrategic or Co-development Partner · 1 March 2025Letter of Intent signed regarding electrification, instrumentation, automation, and digitalization (EIAD) for the Hautalampi battery mineral project. Agreement establishes framework for technological evaluation and potential long-term collaboration to support modern and responsible mining operations.
• University of UppsalasupportingStrategic or Co-development PartnerResearch collaboration on mining for rare earth elements (REE) in the Swedish Fetsjön project. Partnership aims to investigate large-scale extraction of REE using existing methods. REE are critical components for electric vehicles and other electric equipment.
• Initiative for Responsible Mining Assurance (IRMA)supportingOthersGlobal organization providing independent third-party verification and certification for responsible mining practices against comprehensive standards covering social and environmental impacts of industrial-scale mines.
• European Raw Materials Alliance (ERMA)supportingStrategic or Co-development PartnerAlliance aims to make Europe economically more resilient by diversifying supply chains, creating jobs, attracting investments to raw materials value chain, fostering innovation, and training young talents. Addresses challenge of securing access to sustainable raw materials.
• European Battery Alliance (EBA)supportingStrategic or Co-development PartnerLaunched in October 2017 by European Commission Vice President Maroš Šefčovič. Ensures Europeans benefit from safer traffic, cleaner vehicles and more sustainable technological solutions by creating competitive and sustainable battery cell manufacturing value chain in Europe.
• Leaders For Climate Action (LFCA)supportingStrategic or Co-development PartnerInitiative pursuing vision of global circular economy without greenhouse gas emissions. Companies supporting this initiative are actively committed to climate protection with energy concept based on renewable energy efficiency.
• GeorangesupportingStrategic or Co-development PartnerCoordinating non-profit organization whose main task is to expand view of social and business development in mining and mineral industry and creating conditions for development of new and existing companies.
• Swedish-Spanish Chamber of CommercesupportingGTM or Marketing PartnerPrivate and non-profit organization founded in 1950 promoting commercial, cultural and social relations between Spain and Sweden. Offers platform for new business opportunities, knowledge exchange, and network within Swedish-Spanish corporate world.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Savannah Resources plc: UK-listed developer of European critical minerals including the Barroso lithium project in Portugal and the Mina do Feijão tungsten-related assets. Closely comparable on European battery/critical-mineral strategy and public small-cap development profile.
• Tungsten West plc: UK-listed tungsten developer focused on the Hemerdon tungsten-tin project in Devon. Comparable as a publicly-listed, late-stage tungsten developer pursuing first concentrate production and competing for the same Western supply gap that Eurobattery targets with San Juan.
• Almonty Industries: Western tungsten mining developer/producer with flagship Sangdong mine in South Korea and Panasqueira in Portugal. Directly comparable to Eurobattery as a Western, non-Chinese tungsten supplier targeting near-term production and aiming to capture the EU premium for critical raw materials.
• EQ Resources Limited: Australian tungsten producer operating the Barruecopardo mine in Spain (the same mine where Agne Ahlenius was previously CEO) and the Mt Carbine mine in Queensland. Same critical-mineral/strategic-asset positioning and Iberian footprint as Eurobattery's San Juan project.
• Wolf Minerals Limited: Historical UK-listed tungsten producer/developer that operated the Lagares tungsten mine in northern Portugal and the Hemerdon project before administration. Historically the closest European-listed analogue to a junior tungsten developer pursuing first concentrate production, though now inactive and useful primarily as a comparable reference.

Broad incumbents

• Boliden AB: Major Swedish base and precious metals miner and smelter with extensive Nordic operations. Comparable as a large Nordic miner with copper, nickel, and cobalt exposure; Eurobattery has hired several former Boliden executives (e.g., Agne Ahlenius) and competes in the same regulatory and labor market.
• Aurubis AG: European leader in non-ferrous metals recycling and refining, with growing battery materials exposure. Comparable as a German-headquartered, CRMA-aligned metals platform competing for the same European premium-supply positioning in non-ferrous battery inputs.

Emerging players

• European Lithium Ltd: Australia-listed junior developing the Wolfsberg lithium project in Austria. Comparable as a small-cap European critical battery mineral developer pursuing offtake with European cell makers, with overlapping EU CRMA strategic narratives.
• Nouveau Monde Graphite Group: Canadian developer of battery-grade graphite assets aimed at Western EV supply chains. Adjacent critical battery mineral strategy targeting the same European/North American OEMs and ESG-traceable premium narrative that Eurobattery pitches to European battery manufacturers.

Others

• Terrafame Ltd: Finnish state-owned battery chemicals producer (nickel sulphate, cobalt sulphate) and Eurobattery's signed refining partner for 100% of Hautalampi Ni-Co concentrate. Adjacent rather than competitive — they sit downstream in the same European battery value chain Eurobattery is trying to anchor.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat2 records

Key risks7 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCEmRhpqQHcb6v758leWyWYQ
• Facebookfacebook.com/eurobatteryminerals
• LinkedInlinkedin.com/company/eurobattery-minerals-ab/about
• Xx.com/eurobatterymin

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Eurobattery Minerals