Sunrise Energy Metals secures $400M U.S. loan for Australian scandium project

Sunrise Energy Metals has secured a conditional $400 million loan commitment from the U.S. Department of Defense to develop the Syerston scandium project in New South Wales, Australia. The project aims to establish a significant source of scandium, a critical material used in aerospace components, semiconductors, 3D printing for defense, and solid oxide fuel cells.

CEO Sam Riggall noted that scandium demand has expanded beyond niche green technologies into essential applications for AI and data centers. The company is considering scaling production from 60 to 180 tonnes of scandium oxide per year and is evaluating the possibility of building a processing plant in the United States. Sunrise Energy Metals, where billionaire Robert Friedland serves as non-executive chairman, intends to make a final investment decision by the end of the year and is exploring a listing on a U.S. securities exchange.