Mentioned:
There’s a new rare earth magnet facility in Europe. And a publicly traded company in Canada is behind it.
What’s happening:
- Neo Performance (TSX: NEO) has officially opened a new rare earth magnet facility located in Narva, Estonia
Why it matters:
- Neo Performance’s new rare earth magnet plant is the first mass production rare earth magnet facility in all of Europe
Going deeper:
- More than $75M USD was invested into the Estonia rare earth magnet facility by Neo Performance and it is co-located beside their rare earth separation plant
- Neo Performance has publicly stated they have already landed meaningful contracts with major automotive companies including Bosch and Schaeffler for rare earth magnet supply
The intrigue:
- Rare earth processing and magnet production has continued to be a major theme in the public markets, which notably led to Lynas Rare Earths (ASX: LYC) just recently raising nearly half a billion dollars in their largest equity financing round ever to begin building out new facilities globally
