News

WASHINGTON, D.C. — Export-Import Bank (EXIM) Chairman John Jovanovic joined President Trump, Cabinet Secretaries, and senior government officials in the Oval Office on February 2nd to announce Project Vault—a supply chain security initiative establishing the U.S. Strategic Critical Minerals Reserve, an independently governed public‑private partnership that will store essential raw materials in facilities across the United States.

"Project Vault is designed to support domestic manufacturers from supply shocks, support U.S. production and processing of critical raw materials, and strength America’s critical minerals sector," said EXIM Chairman John Jovanovic. "Thanks to President Trump’s leadership, the U.S. Strategic Critical Minerals Reserve will help manufacturers in the United States compete, grow, and lead globally while creating jobs domestically, strengthening our economy, and advancing the national interest.”

Earlier today, the EXIM Board of Directors approved a Direct Loan of up to $10 billion to Project Vault providing long-term financing to a partnership between original equipment manufacturers and private sector capital providers. Initial indications of participation from original equipment manufacturers include Clarios, GE Vernova, Western Digital, Boeing, and many more. Suppliers servicing Project Vault include Hartree Partners, Mercuria Americas, and Traxys. 

Project Vault’s innovative structure delivers a net positive return for U.S. taxpayers while ensuring manufacturers across America have stable access to critical raw materials during periods of market disruption. Additionally, this supply chain security initiative advances President Trump’s National Security Strategy and longstanding U.S. economic and national‑security objectives by reducing dependence on foreign‑controlled supply chains, strengthening the domestic industrial base, and ensuring uninterrupted access to materials essential for advanced manufacturing and critical technologies. 

This transaction underscores EXIM’s role as a frontline economic tool in revitalizing American industry, strengthen our supply chains, and ensure American workers and exporters can compete around the world. Leaders from participating original equipment manufacturers and suppliers welcomed the announcement and highlighted the initiative's importance to American manufacturing and supply chain security:

Scott Strazik, Chief Executive Officer of GE Vernova, said: “As we rise to the challenge of meeting America’s and the world’s rapidly growing needs for key power and grid equipment, the need to grow supply chains and access to critical minerals has never been more important.  We’re thankful for the historic leadership around Project Vault, a timely initiative that will advance more access to affordable, reliable power and strengthen energy security for American families, communities and partners.”  

Brian Falik, President of Mercuria Energy Americas, said: “Project Vault represents a transformative approach to strategic sourcing, and Mercuria is honored to contribute to this historic effort. By aligning private capital with national security objectives, we’re reinforcing the foundations of American manufacturing and ensuring long-term access to critical raw materials. This partnership is a testament to what’s possible when industry and government move decisively together”

Mark Kristoff, Chief Executive Officer of Traxys, said: “Traxys is proud to be a critical minerals supplier for Project Vault. This groundbreaking initiative of EXIM Bank and the U.S. government, which establishes an U.S. Strategic Critical Minerals Reserve, bolsters the supply chain of critical minerals for American manufacturers and enhances national economic security.”

Stephen Hendel, Founding Managing Partner of Hartree, said: “Hartree is pleased to be a leading participant in this landmark transaction and congratulates EXIM and all partners on an exceptional achievement. Project Vault demonstrates the power of innovative public-private partnerships to strengthen U.S. industry and supply-chain resilience. This initiative reflects Hartree’s longstanding commitment to supporting American industrial end-users and manufacturers, and we look forward to supporting its long-term success.”

Adam Muellerweiss, Vice President of Strategic Initiatives of Clarios, said: “The U.S. Strategic Critical Minerals Reserve is an essential and unprecedented step in securing critical minerals supply chains for US manufacturing now and for generations to come, and Clarios is honored to work with the Trump Administration to stand up this vital initiative.”

Jeff Shockey, Executive Vice President, Government Operations, Global Public Policy and Corporate Strategy of Boeing, said: “Boeing strongly supports the Trump Administration’s efforts that strengthen supply chain resilience for critical minerals and bolster American manufacturing competitiveness. We thank Chairman Jovanovic and the EXIM Board for their leadership and focus on strengthening the U.S. industrial base and protecting jobs.” 

ABOUT EXIM:

As the United States government’s official export credit agency, the Export-Import Bank of the United States (EXIM) supports American jobs by facilitating U.S. exports. As an independent agency, EXIM plays a critical role in supporting economic growth, securing critical supply chains, and ensuring American businesses are given a fighting chance. To achieve this mission, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. Learn more at www.exim.gov.