Betolar Plc
Press Release
June 23, 2026 at 2:15 p.m. EEST
Betolar Plc and Scalewolf enter into strategic partnership to scale Betolar’s Metal Extraction Technology
Betolar Plc has signed a letter of intent concerning a long-term strategic partnership with Scalewolf, a strategic investment and industrial development firm, to accelerate the commercial scale-up of Betolar’s Metal Extraction Technology. The partnership is structured in three layers and includes Scalewolf’s binding commitment to subscribe for capital notes convertible into shares in Betolar in the amount of EUR 3 million and an intention to execute further equity investments in the aggregate amount of EUR 8 million, subject to the execution of definitive agreements.
The planned cooperation pursuant to the letter of intent sets out the contemplated financing structure and key principles concerning the execution model for the scale-up of Betolar’s Metal Extraction Technology. The parties intend to have definitive agreements in place by year-end 2026, until which time Betolar has granted Scalewolf an exclusivity covering the scope of the planned cooperation.
Scalewolf is an investment and industrial development firm focused on scaling technologies and infrastructure that strengthen energy security, critical supply chains, defense capabilities, and data resilience, which Betolar considers to be a great partner to support its strategic objectives. The firm partners with innovators, industry leaders, governments, and investors to accelerate deployment of commercially viable solutions across the Nordics, Baltics, and Europe.
First layer: committed EUR 3 million investment into Betolar
As the first step of the partnership, Scalewolf has committed to subscribe for capital notes convertible into shares in Betolar in the amount of EUR 3 million through a tap issue of the notes, as announced earlier today. This investment is conditional upon approval of an authorization for the Board of Directors to issue additional special rights by the Extraordinary General Meeting of Betolar, expected to be held in early August 2026 and convened through a separate notice.
Second layer: investment into Metal Extraction Technology business area
The second-layer investment is contemplated to be made into Betolar’s Metal Extraction Technology business area (“MET”), for which Betolar would incorporate a separate subsidiary. Scalewolf would invest a further EUR 3 million in MET for a 21.4% ownership interest. MET would act as the master developer of the third-layer Special Purpose Vehicles (“SPVs”), focusing on development of specific projects.
In this structure, Betolar as the parent company would continue to operate as a capital-light research, development and technology platform. Betolar will remain the owner of all current and future intellectual property rights but would grant relevant technology licenses to MET and receive technology license fees and royalties on arm’s length market terms.
Third layer: project-level Special Purpose Vehicles
The third layer of the partnership would comprise the formation of project-level SPVs by MET and Scalewolf, of which an SPV focusing in the Otanmäki mine tailings supply project would be the first. Betolar would transfer the relevant assets and liabilities related to the Otanmäki mine tailings supply agreement, as announced earlier today, to a newly formed SPV. It is intended that Scalewolf would invest EUR 5 million in the SPV, with ownership of Scalewolf and MET as founders of the SPV being initially split 51% for Scalewolf and 49% for MET.
Scalewolf’s role would be to support capitalization of the SPV through strategic investors, industrial partners, commercial counterparties and other sources of project financing while working with the leadership of Betolar and MET to execute the strategic objectives of the project, including sourcing additional equity. Following the planned fundraising activities, the founders’ ownership is targeted to be approximately 91% of the SPV, with other investors holding approximately 9%.
With this partnership, Betolar now has a clear path to execute the development and commercialization of the Otanmäki mine tailings together with a strong and capable partner. The Company’s intention is to replicate this model across other projects globally, with the potential of achieving significant commercial benefits for Betolar.
A second SPV in the United States
In parallel, a second SPV is being progressed for a project located in the United States, focusing on the extraction of titanium and rare-earth elements (“REE”) and relating to U.S. government’s defense offtake programs. The contemplated U.S. SPV’s structure is contemplated to mirror that of the Otanmäki mine tailings supply project with respect to economic benefits, subject to governance adaptions to comply with applicable U.S. government procurement regulations. As a first step, Betolar is expected to grant Outpost Ventures Checkmate, an affiliate of Scalewolf, an exclusive license covering the scope of the contemplated U.S. project to support evaluation, pilot studies, commercialization activities and project development.
“We made this strategic financial commitment in Betolar because we believe its Metal Extraction Technology is uniquely positioned to address growing demand for titanium, rare earth elements, and other critical materials that are increasingly important to defense and industrial supply chains. Through Scalewolf’s U.S. operations and in collaboration with Outpost Ventures Checkmate, we look forward to helping connect this technology with strategic partners and opportunities that can accelerate its adoption in the U.S. market,” says Dave Harden, a Managing Partner of Scalewolf and former co-founder of AFWERX, the U.S. Air Force Innovation arm.
In addition, the parties have entered into discussions regarding a potential similar joint-development structure for the Critical Infrastructure Protection (“CIP”) business area.
“I am very excited about the announced strategic partnership with Scalewolf and the contemplated financing arrangements. If all agreements would be executed as we have envisaged in the preliminary letter of intent, the total financing contemplated by other third-party capital would be up to EUR 17 million of which up to EUR 11 million would come from Scalewolf, EUR 3 million from Betolar’s current main shareholders, and EUR 3 million from Danske Bank, for a total dilution of only 11.7% at the listed company Betolar level. This was a true team effort. As announced last week, I will focus on delivering our existing announced agreements and progressing the strong CIP Business pipeline with the Betolar team, before handing over the business to a new leader,” says Tuija Kalpala, President & CEO of Betolar until July 31, 2026.
“Last week I had the honor to be appointed President & CEO of Betolar. I am excited to join Betolar and to accelerate commercialization and growth across our Metal Extraction Technology and critical infrastructure protection business. I look forward to working closely with Scalewolf and the Betolar team to execute our planned cooperations across our capabilities and geographies”, says Vibeke Krohn, President & CEO of Betolar as of August 1, 2026.
“We believe Betolar's Metal Extraction Technology has the potential to become a foundational platform for critical minerals development across Europe and North America. Our focus is on bringing strategic capital, industrial partners and project execution capabilities together to accelerate commercialization and build long-term value for all stakeholders”, says Edvinas Kerza, the Managing Partner of Scalewolf and former Vice-Minister of Defense for the Republic of Lithuania.
Betolar Plc
Further inquiries:
Anders Dahlblom, Chairman of the Board, +358 40 081 5427
Certified Adviser:
Aktia Alexander Corporate Finance Oy, tel. +358 50 520 4098
About Betolar’s Metal Extraction Technology
Betolar’s Metal Extraction Technology (MET) enables the efficient recovery of critical and strategic metals from mine tailings and industrial sidestreams such as smelter slags. The innovative process transforms these materials into valuable resources, supporting the transition toward a circular economy and more sustainable raw material sourcing.
In pilot-scale testing, the technology has demonstrated metal recovery rates of up to 99% for selected critical and strategic metals. This breakthrough, achieved in 2025, is protected by ten patent applications filed by Betolar.
A key advantage of MET is its ability to create two value streams. Alongside recovered metals, the process produces a low-carbon circular cementitious material that can replace traditional cement in construction applications, contributing to significant reductions in global CO₂ emissions.
By simultaneously recovering valuable metals and generating circular cement, the technology maximizes resource efficiency, reduces waste, and minimizes environmental impacts.
Advanced data analytics and material characterization capabilities further support the identification, evaluation, and optimization of waste streams, enabling the most effective utilization of secondary raw materials.
About Betolar’s Critical Infrastructure Protection
Betolar has developed patent-pending solutions to protect critical infrastructure from physical threats, including unauthorized access, vandalism, and drone attacks. Leveraging Betolar’s expertise in materials technology, the protective structures utilize locally available and resource-efficient materials while enabling rapid deployment, cost-efficient implementation, and enhanced operational resilience. The solutions also support compliance with the EU Critical Entities Resilience Directive (2022/2557), which comes into effect on July 1, 2026.
About Betolar
Betolar is a circular economy and materials technology company. Founded in 2016 and domiciled in Finland, Betolar is listed on the Nasdaq First North Growth Market (ticker: BETOLAR), and its shares are also traded in the United States on the OTCQX International marketplace (ticker: BTLRF). For more information, visit www.betolar.com
About Scalewolf
Scalewolf is a strategic investment and operational firm focused on scaling innovations in energy, defense and data. It deploys capital and expertise into technologies with both commercial and government demand, particularly those aligned with NATO capabilities. Its work spans advanced energy platforms, modular grids, low-latency data systems, and mission-ready defense technologies designed for rapid deployment and real-time decision-making. For more information, visit www.scalewolf.vc
Outpost Ventures Checkmate is a strategic investment and project development platform focused on critical minerals, energy, defense, and industrial infrastructure. The platform works with technology companies, industrial operators, government stakeholders, and strategic investors to develop and scale projects that strengthen supply chain resilience, economic security, and national competitiveness across the United States and allied nations. For more information, visit www.outpostventures.com