Advanced Magnetic Labs is evaluating multiple sites for commercial-scale manufacturing expansion within the United States following a successful year of technology advancement
American Resources and Royalty Management have jointly participated in funding rounds in AML along with ReElement Technologies providing rare earth oxides
FISHERS, IN / ACCESSWIRE / December 19, 2023 / American Resources Corporation (NASDAQ:AREC) ("American Resources"), a next generation and socially responsible supplier of rare earth and critical elements, and Royalty Management Holding Co. (NASDAQ:RMCO) (the "Royalty Management"), a royalty company building shareholder value to benefit both its shareholders and communities by acquiring and developing high-value assets in a sustainable market environment, have announced that their partner and investments in Advanced Magnetic Labs, Inc. has announced a successful year of advancing its technology, capabilities, and strategic relationships for positioning into commercial manufacturing of permanent magnet products.
Both American Resources Corporation and Royalty Management Corporation have participated in the Series A Round of capital raising by Advanced Magnet Lab, Inc. ("AML") a recognized leader in the development of innovative magnet technologies. Furthermore, American Resources Corporation's wholly owned subsidiary, ReElement Technologies Corporation ("ReElement"), is a commercial partner to AML through the sale of high purity rare earth oxides produced domestically by ReElement from the recycling of end-of-life permanent magnets to feed the oxides into the domestic market manufacturing marketplace.
Thomas Sauve, President of American Resources and CEO of Royalty Management commented, "Developing a domestic supply chain for lithium-ion batteries and rare earth-based permanent magnets requires innovation, partnerships and collaboration if the country is going to move quickly. The partnership we jointly established with AML is a critically important collaboration to swiftly advanced the electrified industry forward. AML, who has worked collaboratively with the Defense Logistics Agency ("DLA"), is shifting the paradigm of the permanent magnet industry, and through our partnership with them, can now say we complete domestic supply chain solutions for high-quality, high-performance and low-cost rare earth permanent magnets. We are excited to be an investor and industry partner through both American Resources and Royalty Management to help AML expand its business faster, better, stronger as they scale their commercial production."
AML's manufacturing capabilities are built on the backbone of its technology, PM-Wire™, which is a scalable and modular, manufacturing process, that has ability to produce non-sintered and sintered permanent magnets at a high-rate and high-yield. The process is adaptable to a variety of applications, including those that benefit from magnets in unique configurations and material compositions, such as electric motors.
The Company's first step into high-rate commercial manufacturing will be non-sintered permanent magnets for select commercial and defense customers. AML has several development programs underway for enabling electric motor applications, including a collaboration with Oak Ridge National Laboratory (ORNL) for an electric vehicle motor. AML plans to co-locate manufacturing with customers or supply chain partners, with preliminary discussions underway with several United States jurisdictions for site locations.
The collaboration with ORNL is a gleaming example of the value of PM-Wire™. The technology will replace 2,750 complex Halbach array sintered magnets with eight non-sintered helical magnets and eliminate the need to actively cool the motor rotor with equal motor performance. AML envisions this demonstration as a potential springboard into commercial automotive applications, while also working with other end-use applications in industrial generators, aerospace, and defense.
Going forward, the Company will continue to expand its development programs and explore new material compositions for sintered and non-sintered magnets at its two locations, on the Space Coast, in Brevard County, Florida. These locations, which encompass approximately 10,000 square feet, will continue to support customers with prototyping and research and development for alloys and magnets. Furthermore, AML and ReElement Technologies are in discussion of co-location opportunities for full scale production.
AML foresees scaling manufacturing organically in 2024 through strategic partnerships with both customers and material providers. At its current locations in Florida, AML can support an output of approximately 200 metric tons per year of permanent magnets.
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Learn more about ReElement Technologies' process and technology here - Video.
About Advanced Magnet Lab, Inc. (AML)
Founded in 1995, AML is a recognized leader in the development of innovative magnet technologies and magnet-based applications. Today, AML is executing on multiple product development programs including magnet materials and PM-Wire™ based motors and generators for industrial, aerospace and defense. This includes projects funded by large industry, U.S. Department of Energy and U.S. Department of Defense.
About ReElement Technologies Corporation
ReElement Technologies Corporation, a majority owned subsidiary of American Resources Corporation (NASDAQ:AREC) 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 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.
About American Resources Corporation
American Resources Corporation (NASDAQ:AREC) 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 Royalty Management Holding Corporation
Royalty Management Corporation (NASDAQ:RMCO) is a royalty company building shareholder value to benefit both its shareholders and communities by acquiring and developing high value assets in a sustainable market environment. The model is to acquire and structure cashflow streams around assets that can support the communities by monetizing the current existing cash flow streams while identifying transitionary cash flow from the assets for the future. For more information visit royaltymgmtcorp.com.
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.
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SOURCE: American Resources Corporation