As the transition to vehicle electrification and renewable energy sources accelerates, Geomega Resources Inc., the proponent of the first sustainable rare earth recycling facility in the world to help meet rising global magnet demand, has announced that it has secured a $3 million grant from the Technoclimat Program, administered by the Ministry of the Environment and the Fight Against Climate Change, Wildlife and Parks (MELCCFP), towards the construction of the magnet recycling facility.
The technology company added, "We are pleased to provide a technical update on the magnet recycling demonstration plant and the bauxite residues pilot plant."
The construction of the magnet recycling demonstration facility, with a throughput capacity of 1.5 tonnes per day of feed material, will benefit from this non-dilutive MELCCFP grant. The facility will subsequently be utilized to show the technology's financial, operational, and environmental advantages.
This financing is much needed in light of the extra expenses of the comprehensive engineering work, increased equipment costs, and numerous project delays.
Kiril Mugerman, the President & CEO of Geomega Resources, said, “We are very grateful to the Quebec Government for supporting our project. The Government’s commitment to green energy, electrification and decarbonization are unwavering. Furthermore, the Quebec Government understands that investment in innovation is crucial to achieving these goals. Developing new technologies that will make the future environmentally sustainable while remaining competitive with legacy technologies is challenging. Still, the continuous support from the Government over the last few years has allowed our team to achieve that. As we procure equipment and approach the construction phase, we get closer to bringing the rare earth industry to Quebec.”
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