American Resources Corporation (NASDAQ:AREC), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced that its majority owned subsidiary, ReElement Technologies LLC, has commenced engineering, planning and development for its second lithium-ion battery and rare earth magnet recycling and metal recovery facility utilizing its patented chromatography technology to produce 99.9%+ pure critical battery material and 99.5%+ rare earth elements.
CEO Mark Jensen commented, “The opportunity to continue the growth of our ReElement division is real and present given the demand for domestically produced battery and magnet grade materials. With the recent passing of the Inflation Reduction Act and the rapid adoption of electric vehicles the demand for such products is seeing rapid grow, and the versatility of our technology enables us to move quickly and cost effectively to provide a real solution.
“Beyond this facility, we are in numerous discussions on potential joint venture opportunities for customized, co-located facilities in both the United States and Europe. Given the minimal environmental and land footprint required of our process, we can efficiently expand our operations as the supply of end-of-life materials expands versus overbuilding and running inefficiently in the early years, but also expand rapidly in the out years as the market and feedstocks expand. Additionally, given our corporate structure, we have the ability to finance this project through non-dilutive sources at the ReElement level.”
The Company has narrowed the site selection for this 200,000 square foot facility to one of two controlled properties. The first being Noblesville, Indiana which is approximately 40 acres of industrial-zoned land located less than five miles from its first commercial purification facility.
AREC shares gave up a dime, or 3.5%, to $2.81.