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Neo Launches Construction of European Permanent Rare Earth Magnet Plant to Support EV and Wind Turbine Manufacturing
Neo Launches Construction of European Permanent Rare Earth Magnet Plant to Support EV and Wind Tu...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n \n \n \n Neo Launches Construction of European Permanent Rare Earth Magnet Plant to Support EV and Wind Turbine Manufacturing\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Plant will support circular economics by recycling end-of-life magnets and recovering magnet 'swarf' created in the manufacturing process\n \n \n \n \n Phase 1 production of 2,000 tonnes/year is slated to begin in 2025, an amount that can support the manufacturing of ~1.5 million electric cars.\n \n \n \n \n Neo's expected Phase 2 production of 5,000 tonnes/year can support the manufacturing of ~4.5 million electric cars\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 7, 2023\n \n \n /CNW/ - Neo Magnequench, a division of Neo Performance Materials Inc. (\"\n \n Neo\n \n \" or the \"\n \n Company\n \n \") (TSX: NEO), has launched construction of the first rare earth magnet manufacturing facility in\n \n Europe\n \n designed to produce specialized rare earth permanent magnets for use in electric vehicles, wind turbines, and other clean energy technologies.\n \n \n Neo Magnequench officials recently broke ground on the facility in Narva,\n \n Estonia\n \n , which is strategically located near Neo Performance Material's existing rare earth separations plant in Sillamäe, Estonia.  In Sillamäe, Neo takes in rare earth feedstock from a variety of sources around the world – including\n \n the United States\n \n – and produces the high-purity magnetic rare earth oxides that will be converted in Magnequench's new plant into sintered neodymium-iron-boron magnets.  Such an integrated supply chain for sintered rare earth permanent magnets does not exist in\n \n Europe\n \n at present.\n \n \n The groundbreaking event included speeches from notable officials from\n \n Estonia\n \n , including Narva Mayor\n \n Katri Raik\n \n , Estonian President Alar Karis, Estonian Investment Agency Director\n \n Joonas Vänto\n \n , Minister of Economic Affairs Tiit Riisalo, Minister of Regional Affairs Madis Kallas,  Also participati...