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American Resources Corporation's ReElement Technologies Completes Preliminary Investment in Advanced Magnet Lab, Inc. and Signs Offtake to Provide Rare Earth Elements
Advanced Magnet Lab, Inc. (AML) has developed a novel and innovative approach to manufacturing magnets that enables both rare earth and non-rare earth
About this update from American Resources Corporation
[{"type":"text","content":"Advanced Magnet Lab, Inc. (AML) has developed a novel and innovative approach to manufacturing magnets that enables both rare earth and non-rare earth materialsFISHERS, IN / ACCESSWIRE / December 22, 2022 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), 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 it has executed its second rare earth oxide offtake agreement with Advanced Magnet Lab, Inc. (\"AML\") to provide AML high-purity raw rare earth elemental feedstock for their advanced, domestic magnet production. Concurrently with the offtake agreement, the Company has completed an initial strategic investment into AML to further advance the technology and commercialization. American Resources has led the round of investment into AML alongside a select number of strategic investors and insiders, and the investment is in the form of a promissory note that has the ability to convert into shares of common stock of AML at a fixed valuation.AML has developed PM-Wire™, a unique technology for the design, manufacture and optimized performance of permanent magnets and their end-use applications. Magnets are at the heart of the products and applications essential to modern society. It is the magnets which enable electricity, manufacturing, processing of goods, movement of water, tools for construction and transportation. AML's technology provides significant value propositions for electrical machines, motors, and generators - all driven by magnets.As the world evolves away from purely fossil fuel-powered transportation, the market for electric motors will continue to grow from US$26.2 Billion in the year 2020, to a projected US$39.1 Billion by 2026.Mark Jensen, CEO of American Resources Corporation commented, \"Having the pleasure of getting to know the management team at AML over the past year has only helped fortify our relationship and our confidence that AML possesses several unique and innovative methods of producing better, more efficient magnets using both rare earth elements and other materials. We are very excited to not only have AML be our second offtake partnership for our high purity (greater than 99.5%) rare earth oxides that we ...