The grant will be used to commercialize its first production line for lithium refining (separation and purification) for spent batteries, battery manufacturing waste and lithium ores
FISCHER, IN / ACCESSWIRE / November 10, 2022 / American Resources Corporation (NASDAQ:AREC) (“American Resources” or the “Company”), a socially responsible supplier of next-generation rare earths and critical elements, carbon and advanced carbon materials for the emerging infrastructure and electrification market, announced today received a $200,000 state advanced manufacturing grant from the Indiana Economic Development Corporation for its patented cleaning and separation technology for critical battery elements, which is being commercialized in Noblesville, Indiana.
Chris Moorman, CCO of ReElement Technologies commented, “This is a tremendous vote of confidence and support from Indiana Economic Development Corporation. Indiana’s investments in action-oriented organizations like Connexus and the Battery Innovation Center are paying off for Hoosiers by providing high-quality jobs for Indiana’s new economy. 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’ve already proven that our technology works better on a commercial scale than it does in the rare earth element lab, and now we’re just weeks away from demonstrating this technology to produce high-quality, battery-grade lithium from multiple feedstocks. Going forward, it’s our plan to aggressively expand at our Indiana site and pursue strategic collocation sites around the world to provide our partners with a more cost-effective and environmentally responsible method of lithium refining compared to hydrometallurgical (solvent) extraction.”
The Company’s battery material production line leverages its recently announced, patented multi-mode chromatography technology, which is fully approved for operation at its first facility in Noblesville, Indiana. With its launch and scale, this innovative technology will uniquely capitalize on the demand for battery-grade elements by processing spent 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 greater than 99.9% purity to meet the rapidly growing to serve the electric vehicle and energy storage market.
The Company is in the final stages of site selection for its second facility in Indiana or West Virginia. The Company has begun initial planning and design of such a facility, which at full capacity can process approximately 95,000 tons of critical battery materials (over 4,000 tons of lithium carbonate or hydroxide) and 6,000 tons of rare earth magnets (2,000 tons of high-purity REEs) annually by 2025 .
About the Indiana Economic Development Corporation
The Indiana Economic Development Corporation is a government agency whose mission is to help local businesses in Indiana grow and prosper. The organization offers a variety of programs and awards to businesses throughout the state of Indiana. Their manufacturing readiness grant program is designed to provide funding to top-tier manufacturing organizations operating in the state. The grant program is designed to help companies take innovation to new heights and help local businesses continue their businesses in Indiana.
About the Battery Innovation Center
The Battery Innovation Center (BIC) is a collaborative initiative that aims to work with commercial companies, 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 an environmentally and socially responsible supplier of high-quality, next-generation commodities to the emerging infrastructure market. The Company is focused on the extraction and processing of metallurgical carbon, an essential ingredient in steelmaking, critical and rare earth minerals for the electrification market, and reprocessed metal for recycling. American Resources has a growing portfolio of operations in the Central Appalachian Basin of eastern Kentucky and southern West Virginia where metallurgical carbon and rare earth mineral deposits of the highest quality are concentrated.
American Resources has developed a flexible, low-cost business model that is focused on growth and offers a significant opportunity to scale its portfolio of assets to meet growing global infrastructure and electrification markets while continuing to acquire operations and significantly reduce its legacy industry risks reduced. 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 sourced and processed, with a focus on recycling end-of-life products such as rare earth permanent magnets and lithium-ion batteries, as well as carbon-based waste streams and by-products to create a cost-effective and environmentally friendly circular supply chain. ReElement Technologies has developed its innovative and scalable “Capture-Process-Cleanse” Process chain in conjunction with its licensed intellectual property, including 16 patents and technologies, and sponsored research partnerships with three leading universities to support growing domestic supply chain 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 future ones 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 “believe”, “may”, “will”, “should”, “would”, “could”, “continue”, “seek”, “anticipate”, “plan”, “expect”, “intend” “Estimates” or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. All forward-looking statements contained in this press release speak only as of the date of this press release. The Company undertakes no obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that any projected results or events will be achieved.
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SOURCE: American Resources Corporation
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