Kinterra Capital Corp., a Canadian private equity fund investing in the critical minerals sector, has acquired a Poland-based project for the production of cathode active material precursors (pCAM) and lithium carbonate. It is the fund’s first investment in Europe and a project of strategic importance for the development of European critical-minerals processing capacity, which is essential to the modern economy and secure supply chains.
Through a special-purpose vehicle, Kinterra completed the acquisition in May of a critical-minerals project that includes intellectual property related to lithium-ion battery processing, lithium recovery and pCAM production, together with a Polish government grant package worth approximately PLN 1.22 billion. The fund has also signed a conditional agreement to purchase around 45 hectares of serviced industrial land within the Wałbrzych Special Economic Zone “Invest-Park”.
The facility will be located in the Opole-Wrzoski subzone, where public support of up to 35% of eligible investment expenditure may also be available. However, the project’s strength lies not only in its infrastructure and investment incentives. The region also offers an established industrial, technical and workforce base, as well as broad support from local and national stakeholders, including public authorities, investment and trade agencies, utility providers, universities and potential business partners.
Laura Fernandez, Partner at Kinterra, said:
“We will continue to advance this project through disciplined capital allocation, technology validation, local collaboration and a carefully planned development schedule. We want the project to meet the highest technical, commercial, environmental and operational standards.
“Our project addresses some of the most important challenges currently facing European industry: access to critical minerals, supply-chain security, greater industrial independence for Europe, and the development of infrastructure needed to build a modern economy. It is also fully aligned with Kinterra’s strategy.”
In February 2026, Kinterra completed fundraising for its second fund and now manages approximately USD 1.5 billion in assets. The fund has long invested in critical minerals and the infrastructure required for their extraction and processing. These areas have become strategically important as demand grows for clean energy, resilient supply chains and transparent sourcing.
At the same time, rising demand for critical minerals is encouraging governments and companies to reduce dependence on supplies from outside the Western world, increasingly viewed as a source of cost, logistics and production risk.
Poland already plays an important role in European supply chains for the automotive industry and electric-vehicle batteries. The project is expected to help strengthen Europe’s critical-minerals supply chain. The importance of such investments is also growing in light of EU requirements concerning the use of recycled materials in manufacturing.
The European Union still lacks sufficient capacity to process critical minerals domestically. As a result, building local production capacity is becoming increasingly justified, both economically and strategically.
Graeme Weeks, Global Head of Project Execution at Kinterra, said:
“Europe’s critical-minerals ambitions will ultimately be judged by the projects that can successfully move through permitting, secure financing, be delivered and operate at industrial scale.
“This project has the key strengths we are looking for: a strategic location, access to infrastructure, public-sector support and a strong industrial base in the region. Our task is to translate these advantages into a technically robust and executable development plan.”
The acquired assets were previously owned by Ascend Elements. Existing Ascend investors, including Decarbonization Partners — a joint venture between BlackRock and Temasek — Fifth Wall and others, will retain minority stakes in the Polish project acquired by Kinterra.
Further financing for the project is expected to come from several sources, including equity capital, strategic partners, long-term debt financing and offtake agreements with future customers. Once operational, the investment is expected to create jobs for highly qualified specialists.
The project should also generate additional employment among companies involved in construction, engineering, technical maintenance, logistics, services and the local supply chain.
Krzysztof Hołub, Vice-President of WSSE “Invest-Park”, said:
“This is one of the largest investments in the history of both WSSE ‘Invest-Park’ and Opole. Despite initial difficulties, the project is now gaining new momentum.
“Kinterra Capital, as the new investor, is giving the project a strong development impulse, confirmed by the signing of a conditional land-purchase agreement. Supported by a government grant, the investment is of great importance to us, and we look forward to its successful implementation.”
