Velta Holding, a Ukrainian titanium mining and processing company, has announced plans to invest $10 million in the development of solar and wind power plants, as well as energy storage systems, in response to soaring energy costs in Ukraine.
According to CEO Andriy Brodskyy, energy costs accounted for approximately 30% of Velta’s production expenses in 2022, but that figure doubled to 60% by the end of 2023. Due to high electricity tariffs, the company was only able to fulfill 50% of its planned production volumes in 2023.
To mitigate energy-related risks, Velta has already begun designing its own renewable energy infrastructure, with funding expected to come from both private partners and international investors.
Velta Holding specializes in the extraction and processing of titanium ores and holds special permits for the Birzulivske and Lekarivske ilmenite deposits in Ukraine.
