As part of a new initiative aimed at bolstering national security, JPMorganChase has pledged to invest $10 billion over the next decade in areas like defense and advanced manufacturing — and the financial giant isn’t just going to be looking at venture-backed startups as potential recipients for capital, executives told Breaking Defense.
The planned investments are part of a wider $1.5 trillion effort known as the Security and Resilience Initiative (SRI), which was announced by the world’s largest bank in October.
Days after launch, J.P. Morgan revealed its first investment as part of initiative: a $75 million equity investment in Perpetua Resources, which is aiming to become the first US-based producer of the versatile critical mineral antimony, which has applications in the defense sphere for items like batteries and ammunition.
In a new interview with Breaking Defense, Jay Horine, who leads the Security and Resilience Initiative, and Mark Marengo, who oversees the effort’s aerospace and defense portfolio, detailed the strategy behind the new initiative and some critical focus areas, including a big ticket Pentagon push: nuclear submarine construction.