Original Article Source: Best Stocks
ReElement Technologies LLC, a subsidiary of American Resources Corporation, has recently secured a significant $46 million in local incentives from the City of Marion, Indiana, on September 21, 2023. This funding is earmarked for the establishment of a groundbreaking facility that will transform the production of lithium, critical minerals, and rare earth elements.
Situated on a sprawling 42-acre campus in Marion, Indiana, this cutting-edge facility will showcase ReElement Technologies’ proprietary chromatography technologies. This facility represents a pioneering effort as it will be the first fully integrated center dedicated to refining ultra-pure battery elements like lithium, cobalt, and nickel. Furthermore, it will focus on rare earth elements such as neodymium, dysprosium, and praseodymium.
The primary objective of this project is to meet the surging demand for electric vehicles. ReElement Technologies aims to supply the domestic battery manufacturing sector with high-purity lithium carbonate (Li2CO3), thus contributing to the growing electric vehicle market.
With the enthusiastic support of the City of Marion and their innovative technologies, ReElement Technologies is well-positioned to emerge as a significant player in the electric vehicle battery and permanent magnet supply chains. Their commitment to innovation and sustainability sets them apart and promises a bright future in the industry.