BGV Graphite needs $450 million to produce lithium-ion batteries

BGV Graphite's project to produce spherical graphite (SPG) for lithium-ion batteries requires about $450 million in investments.

BGV Group Management founder Gennadiy Butkevich told Forbes Ukraine.

According to him, Ukraine has the potential for hundreds of similar projects, but their implementation requires international partnerships and significant financial injections. Butkevych emphasized that cooperation with American business opens up opportunities for creating high value-added projects, not just raw CRM projects.

"This is exactly what our group is focusing on as we develop the mining business," Butkevich said.

He added: "The company knows from its own experience how technologically advanced, large-scale and investment-intensive this area is."

BGV Group Management has been implementing upstream projects for 10 years. Butkevych noted that Ukraine is able to offer the US 22 out of 50 critical minerals, which, in turn, can strengthen the local economy.

BGV Group Management has been investing in graphite and beryllium mining and processing projects since 2015, spending about $100 million. The main project is BGV Graphite, which is being implemented at the Balakhivske deposit in Kirovohrad region. By early 2025, the company had completed a feasibility study and pilot tests. In partnership with Metso, the company started construction of a processing plant, and the design of the mining and processing complex will start in the first quarter of 2026.

In 2024, the company completed tests to purify graphite to a quality of 99.99%, which makes it possible to produce spherical graphite (SPG). Testing of the material in lithium-ion batteries confirmed its high quality. In 2025, the company plans to launch the design of a plant for the production of SPG.

The Group is working on a beryllium mining project (BGV Beryllium). The feasibility study is expected to be completed in 2025. The company is exploring the possibility of mining associated minerals, including zinc and rare earth elements.