Mentioned:
Energy Fuels wants to be on the leading edge of accelerating magnet production in America. And they’ve just cut a new rare earth oxide supply deal with Vulcan Elements to do it.
What’s happening:
- Energy Fuels (NYSE: UUUU) and rare earth magnet company Vulcan Elements have formed a new partnership in which Energy Fuels will provide Vulcan Elements with rare earth oxides to be used in the production of magnets
Why it matters:
- This is the first time ever that Energy Fuels has struck a rare earth oxide supply deal with an American based commercial magnet manufacturer
Going deeper:
- Energy Fuels has been quickly expanding their presence in rare earth production, which has notably been fuelled by their first ever successful production of a kilogram of dysprosium oxide at their White Mesa Mill in Utah
- Vulcan Elements has been striking a flurry of new deals lately with publicly traded companies, including just recently entering into a multi year rare earth oxide supply deal with American Resources Corporation's (NASDAQ: AREC) subsidiary ReElement Technologies
The intrigue:
- Legendary Silicon Valley investor Brad Gerstner’s Altimeter Capital Management just recently made waves when they led a $65M USD Series A financing round for Vulcan Elements
The fine print:
- The initial partnership between Vulcan Elements and Energy Fuels does not come with any binding purchase commitments and will be focused on validating Energy Fuels’ rare earth oxides as a suitable input for Vulcan Elements’ magnet production
