USFM Corporation to merge with Twin Vee PowerCats, focusing on Greenland nickel project
Privately held USFM Corporation and Nasdaq-listed Twin Vee PowerCats Co. will combine. The new publicly traded entity will focus on USFM's Disko-Nuussuaq nickel, copper, cobalt, and PGE project in Greenland.
USFM Corporation, a privately held mineral exploration company, has agreed to combine with Nasdaq-listed Twin Vee PowerCats Co. The transaction will create a publicly traded company focused on USFM's Disko-Nuussuaq project, which targets district-scale magmatic nickel-copper-cobalt-PGE deposits in Greenland.
The combination is occurring as USFM advances its 2026 exploration program at the Disko-Nuussuaq Project on Disko Island. Two drill rigs commenced operations on July 1, targeting priority zones at Qullissat. The program aims to drill up to 9,000 meters across multiple targets on Disko Island and the Nuussuaq Peninsula.
Twin Vee's recreational marine business, operating under the Twin Vee and Bahama Boat Works brands, will be separated into a private company prior to closing. Existing Twin Vee shareholders will receive contingent value rights for future distributions from this business. The transaction is expected to close in the third quarter of 2026, with the combined company anticipated to trade on NYSE American.
The Disko-Nuussuaq Project is considered one of the world's largest underexplored magmatic nickel districts. The area has already yielded significant physical evidence of mineralization, including a 28-tonne sulfide boulder recovered in 1994 containing high grades of nickel, copper, and cobalt. The drilling targets are interpreted as analogous to the Norilsk-Talnakh nickel-copper sulfide system in Russia.