American Resources Corporation's ReElement Technology Secures Manufacturing Readiness Grant from Indiana Economic Development Corporation
American Resources Corporation (AREC) has secured a $200,000 grant from the Indiana Economic Development Corporation to advance its lithium refining technology for end-of-life batteries and lithium ores. This funding will support the commercialization of its patented purification and separation technology in Noblesville, Indiana. The company plans to scale its operations and is in the final stages of selecting a second facility, aiming for an annual capacity of 95,000 tons of critical battery materials by 2025. This initiative positions AREC to capitalize on the rising demand for battery-grade materials in the EV and energy storage sectors.
- Secured $200,000 grant from the Indiana Economic Development Corporation.
- Plans to expand operations with a second facility for increased capacity.
- Innovative technology demonstrates better performance at commercial scale.
- Patented process can produce battery-grade materials with over 99.9% purity.
- None.
The grant is being used to commercialize its first lithium refining (separation and purification) production train for end-of-life batteries, battery manufacturing waste and lithium ores
FISHERS, IN / ACCESSWIRE / November 10, 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 been awarded a
Chris Moorman, CCO of ReElement Technologies commented, "This is a great vote of confidence and support from the Indiana Economic Development Corporation. Indiana's investments into action-oriented organizations like Connexus and the Battery Innovation Center are paying real dividends for Hoosiers by creating high-quality jobs for the new economy in Indiana. Our state has built an ecosystem that has put Indiana in pole position to create a truly circular supply chain for the electrified economy. We have already demonstrated that our technology performs better at commercial scale than in the lab for rare earth elements, and now we are weeks away from showcasing this technology for producing high-value battery grade lithium from multiple feedstocks. As we move forward, our plan is to scale aggressively at our site in Indiana as well as pursuing strategic collocated sites throughout the world to provide a more cost efficient and environmentally sustainable method to lithium refinement for our partners, compared to hydrometallurgical (solvent) extraction."
The Company's battery material production train utilizes its recently announced, patented multi-mode chromatography technology that is fully permitted to operate at its first Noblesville, Indiana facility. With its launch and scale, this innovative technology will uniquely capitalize on the demand for battery grade elements by processing end-of-life batteries and battery manufacturing waste for multiple battery chemistries as well as lithium-based ores. The multi-mode chromatography process and technology has proven to be able to isolate and purify battery-grade materials such as lithium hydroxide or carbonate, cobalt, nickel and manganese to a
The Company is in the final stages of site selection for its second facility in either Indiana or West Virginia. The Company has begun the initial planning and design of such facility which at full capacity will be capable of processing approximately 95,000 tons of critical battery materials annually (over 4,000 tons of lithium carbonate or hydroxide) and 6,000 tons of rare earth magnets annually (2,000 tons of high purity REEs) by 2025.
About The Indiana Economic Development Corporation
The Indiana Economic Development Corporation is a government entity tasked with assisting local Indiana businesses to grow and thrive. The organization offers a wide variety of programs and awards for businesses throughout the state of Indiana. Their manufacturing readiness grant program is designed to offer funding to top-quality manufacturing organizations that operate in the state. The grant program hopes to help businesses push innovation to new heights while assisting local companies to continue doing business in Indiana.
About The Battery Innovation Center
The Battery Innovation Center (BIC) is a collaborative initiative designed to partner with commercial enterprises, renowned universities, government agencies, and industry leaders to focus on the rapid development, testing and commercialization of safe, reliable and lightweight energy storage systems for commercial and defense customers.
About American Resources Corporation
American Resources Corporation is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient used in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal to be recycled. American Resources has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
American Resources has established a nimble, low-cost business model centered on growth, which provides a significant opportunity to scale its portfolio of assets to meet the growing global infrastructure and electrification markets while also continuing to acquire operations and significantly reduce their legacy industry risks. Its streamlined and efficient operations are able to maximize margins while reducing costs. For more information visit americanresourcescorp.com or connect with the Company on Facebook, Twitter, and LinkedIn.
About ReElement Technologies LLC
ReElement Technologies LLC is redefining how critical and rare earth elements are both sourced and processed while focusing on the recycling of end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as coal-based waste streams and byproducts to create a low-cost and environmentally-safe, circular supply chain. ReElement Technologies has developed its innovative and scalable "Capture-Process-Purify" process chain in conjunction with its licensed intellectual property including 16 patents and technologies and sponsored research partnerships with three leading universities to support the domestic supply chain's growing demand for magnet and battery metals. For more information visit reelementtech.com or connect with the Company on Facebook, Twitter, and LinkedIn.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
PR Contact
Precision Public Relations
Matt Sheldon
917-280-7329
matt@precisionpr.co
Investor Contact:
JTC Team, LLC
Jenene Thomas
833-475-8247
arec@jtcir.com
RedChip Companies Inc.
Todd McKnight
1-800-RED-CHIP (733-2447)
Info@redchip.com
Company Contact:
Mark LaVerghetta
Vice President of Corporate Finance and Communications
317-855-9926 ext. 0
investor@americanresourcescorp.com
SOURCE: American Resources Corporation
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FAQ
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