Business
American Resources Corporation's ReElement Technologies Secures $46 Million in Local Incentives for Lithium-Ion Battery and Rare Earth Element Recycling Campus
Marion, Indiana has approved $46 million of local incentives for Company's 42-acre critical mineral refining campus for battery-grade lithium and magnet-grade
About this update from American Resources Corporation
[{"type":"text","content":"Marion, Indiana has approved $46 million of local incentives for Company's 42-acre critical mineral refining campus for battery-grade lithium and magnet-grade rare earth elementsFirst fully integrated domestic refinery producing ultra-pure battery elements (lithium, cobalt and nickel) and rare earth elements (neodymium, dysprosium and praseodymium) for EV battery and permanent magnet supply chainsFISHERS, IN / ACCESSWIRE / September 21, 2023 / American Resources Corporation's (NASDAQ:AREC) (\"American Resources\" or the \"Company\") wholly owned subsidiary, ReElement Technologies LLC (\"ReElement\"), a leading provider of high performance refining capacity of rare earth and critical battery elements, today announced that it has received final approval for $46 million of local incentives from the City of Marion, Indiana in the form of an Economic Development Revenue Bond. This bond is being issued by the city as incentive for ReElement Technologies LLC to construct a state-of-the-art, commercial scale lithium, critical minerals, and rare earth elements refining facility utilizing ReElement Technologies' proprietary and patented chromatography technologies at the Company's recently announced 42-acre campus in Marion, Indiana.Mark Jensen, CEO of American Resources commented, \"We are extremely thankful to have the support of the City of Marion, its administration, and all the members of the Common Council as we continue our progress at the facility to not only expand our business but also bring additional value stack partners to this campus and the region by establishing the entire rare earth and battery refining industry back to the United States. The scalable and efficient nature of our technology, including its ultra-low environmental impact, enables us to recycle and refine all chemistries of batteries as well as both light and heavy rare earth elements to ultra-high purity in a low-cost process here in the United States. The need for domestic critical mineral refining has never been more urgent for the United States and we are excited to lead the country in the ability to produce these critical, ultra-pure elements that can be used by any battery manufacture or rare earth magnet producers. The City of Marion is a perfect site for our refining hub as it is in the heart of the battery belt and possesses an amazing workforce that...