American Resources Corporation Subsidiary, reELEMENT Technologies, Secures Working Capital Facility to Expand First Purification Facility
Enables reELEMENT Technologies to establish credit history and provides low-cost, non-dilutive growth capital to expand existing rare earth and battery element purification facility
Maxus Capital has set up an initial $2.0 million facility to expand rare earth and battery cell recycling production capabilities
FISHERMEN, IN /ACCESSWIRE/July 1, 2022/ American Resource Company (NASDAQ:AREC) (“American Resources” or the “Company”), a next-generation, socially responsible provider of rare earths and critical elements, carbon and advanced carbonaceous materials for the emerging infrastructure and electrification market, announced today that reELEMENT Technologies (reELEMENT) has set up an independent working capital facility that will allow the division to grow to generate revenue and cash flow. This initial $2.0 million working capital facility will be used to expand reELEMENT’s one-of-a-kind facility for production of critical battery materials, in-house lab space and additional pre-processing to scale the production of high purity and durable batteries and magnets. critical elements and rare earths.
Mark Jensen, CEO of American Resources Corporation, said, “We have had a positive relationship with the team at Maxus Capital and are delighted to bring them on board as a partner in the reELEMENT business as we bring innovative solutions by being the first and most efficient commercial producer of separated and purified rare and critical earth elements to support the growth of the electric vehicle and green energy movement and significantly enhance our domestic market capabilities. Maxus recently took the effort to visit our first purification facility in Indiana and saw the tremendous progress we have made in solving the rare earth and battery cell recycling equation for commercial and national safety. This initial credit facility will allow our reELEMENT division to establish its own independent credit history while aggressively increasing our production capacity. We look forward to expanding our relationship with Maxus as we continue to grow.”
Mike Dance, COO of Maxus Capital, said, “After touring the facility and seeing the progress they have made, we were excited to set up this initial facility to allow reELEMENT to grow beyond its current rare earth production train. We are impressed with the breakthrough technology they are bringing to market and believe our capital is a cost effective way to leverage their asset base and expand their magnet and battery recycling capacity. essential part of the national supply chain for rare earths and battery and magnet grade critical elements.”
Installation Production Update
The first reELEMENT facility in Noblesville, Indiana has successfully completed the chromatography column preparation and system commissioning process for the first-of-its-kind rare earth element production train capable of produce magnetic grade high purity rare earth oxides in the United States. Over the next few weeks, reELEMENT will start producing pure neodymium (Nd), praseodymium (Pr) and dysprosium (Dy) fractions and a high-purity mixed fraction of NdPr from rare earth permanent magnets at the end of life that can be used in the manufacture of new magnets and technologies.
Expansion of facilities
reELEMENT Technologies owns two properties in Noblesville, Indiana, including a 7.5-acre site for future expansion. The current operation site is extended to three production trains for magnet recycling to isolate and purify the rare earth elements neodymium (Nd), praseodymium (Pr) and dysprosium (Dy) to magnetic grade qualities and two production for the recycling of batteries in the form of transformation of the black mass into individual isolated and purified battery-grade elements (cobalt, nickel and manganese sulphates and lithium hydroxide). The company uses its proprietary chromatography processes and believes these technologies will quickly replace solvent extraction and hydrometallurgical separation and purification worldwide. The current Noblesville, Indiana facility will eventually be converted into a commercial-scale chromatography test and innovation center to continuously optimize the process for expansion and future capabilities.
About reELEMENT Technologies LLC
ReELEMENT Technologies LLC is redefining the way rare and critical earth elements are both obtained and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as waste streams and coal-based by-products. to create a low-cost and environmentally friendly circular supply chain. American Rare Earth has developed its innovative and scalable solution “Capture-Proceed-Purify” process chain in conjunction with its licensed intellectual property, including 16 patents and technologies and sponsored research partnerships with three leading universities to support the nation’s growing supply chain demand for metals for magnets and batteries. For more information, visit reelementtech.com or connect with the Company at Facebook, Twitterand LinkedIn.
About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials for the new infrastructure market. The Company focuses on the mining and processing of metallurgical carbon, an essential ingredient used in the manufacture of steel, critical minerals and rare earths for the electrification market, and reprocessed metal for recycling. American Resources has a growing portfolio of operations located in the Central Appalachian Basin of eastern Kentucky and southern West Virginia, where deposits of premium metallurgical carbon and rare earth minerals are concentrated.
American Resources has established an agile, low-cost, growth-focused business model that provides a significant opportunity to adapt its asset portfolio to meet the growing global infrastructure and electrification markets while by continuing to acquire operations and significantly reduce their legacy industrial risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information, visit americanresourcescorp.com or connect with the Company at Facebook, Twitterand LinkedIn.
Special note regarding forward-looking statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the results, performance or industry achievements or results differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond the control of American Resources Corporation. The words “believe”, “may”, “will”, “should”, “do”, “could”, “continue”, “seek”, “anticipate”, “plan”, “expect”, ” intends”, “estimates” or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements included in this press release speak only as of the date of this release. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will occur.
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THE SOURCE: American Resource Company
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