The Elements of Innovation Discovered
The Elements of Innovation Discovered
Recycling company accumulates over C$10M in 2023 funding Metal Tech News – November 29, 2023
Using its proprietary ISR technology, Geomega can recycle REE materials from magnets, bauxite residue from aluminum manufacturing, and even boron and hydrogen for clean fuels.
Garnering another roughly C$2 million in funding toward the development of its rare earths recycling demonstration plant to be built in Saint-Hubert, Quebec, to date, Geomega Resources Inc. has accumulated over C$10 million in the last year alone.
Provided by Next Generation Manufacturing Canada (NGen), this round of funding is part of a total envelope of roughly C$2.96 million awarded to Geomega and a private Quebec-based research and development company to perform a project titled "Recycling and Production of Rare-Earth Oxides from Permanent Magnet Scrap."
The collaborative project will see magnet scrap recycled using Geomega's technology in the demonstration plant. The resulting rare earth oxides will then be used by the project partner to produce rare earth metals.
The project is funded by NGen within its Advanced Manufacturing Projects program that aims at de-risking, commercializing, and scaling-up innovative manufacturing capabilities in Canada.
If successful, the project will strengthen the competitiveness of Canada's manufacturing sector, drive more innovation and investment in advanced manufacturing technologies in the country, generate new commercial opportunities for Canadian companies in global markets, grow world-leading Canadian enterprises, and develop a modern and inclusive workforce with the skills to excel in advanced manufacturing.
"We are excited to work with NGen on our rare earths recycling demonstration plant. We believe that recycling will play an important role in closing the loop within the rare earths and magnets supply chain and provide a local recycling solution for end-of-life magnets and a sustainable supply of rare earths for the developing metal and magnet industries," said Geomega Resources President and CEO Kiril Mugerman. "The construction of the demonstration plant in 2024 will be a major development milestone for Geomega and our innovative technology and we look forward to continue working with all our stakeholders in making it a reality."
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