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Neo Performance Materials to Receive First-Ever Grant Under Europe's Just Transition Fund for Neo's Planned Sintered Rare Earth Magnet Manufacturing Plant in Estonia
Neo Performance Materials to Receive First-Ever Grant Under Europe's Just Transition Fund...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n \n \n \n Neo Performance Materials to Receive First-Ever Grant Under Europe's Just Transition Fund for Neo's Planned Sintered Rare Earth Magnet Manufacturing Plant in Estonia\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 Grant of up to\n \n 18.7 million Euros\n \n will help accelerate Neo's plans to construct a vertically integrated rare earth magnet manufacturing facility in\n \n Europe\n \n with an operational target of 2025\n \n \n Neo's commercial discussions with magnet customers indicate far greater demand than Neo's initial planned production capacity for the plant, supporting a likely expansion in the future\n \n \n Neo's magnet plant will integrate recycling and other operations that support circular economics\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Nov. 9, 2022\n \n \n /CNW/ - Neo Performance Materials Inc. (\"\n \n Neo\n \n \", the \"\n \n Company\n \n \") (TSX: NEO) is pleased to announce that it has been awarded a grant of up to\n \n 18.7 million Euros\n \n from the Government of\n \n Estonia\n \n under\n \n Europe's\n \n Just Transition Fund (\"\n \n JTF\n \n \") program to help pay for the cost of constructing a state-of-the-art sintered rare earth permanent magnet manufacturing facility in\n \n Estonia\n \n .\n \n \n \n \n \n \n \n \n \n Receipt of the government grant award is a key milestone for Neo as it progresses toward an expected 2023 construction launch of the planned magnet plant in Ida Viru County in Estonia.  Neo anticipates onset of manufacturing operations in 2025. The European magnet plant is a key component of Neo's rapidly advancing \"Magnets-to-Mine\" vertical integration strategy.\n \n \n The grant to Neo is the first such award to any critical materials company in the EU under the JTF program.\n \n \n In announcing the award to Neo,\n \n Estonia's\n \n Prime Minister\n \n Kaja Kallas\n \n said:  \"\n \n Estonia\n \n is known for our secure and transparent business environment as well as e-solutions, which all support the ease of doing business. We are pleased that Neo Perfor...