Mentioned:
One of the most advanced rare earth element technology companies in Canada has landed a new cash infusion. And it’s from the United States Department of Defense.
What’s happening:
- Ucore Rare Metals (TSXV: UCU) has landed a new funding commitment from the United States Department of Defense for $18.4M USD to advance their rare earth element separation technology known as RapidSX
Why it matters:
- The new funding is an expansion on the existing $4M USD deal between the United States Department of Defense and Ucore Rare Metals which was focused on validating that RapidSX’s technology was scalable
Going deeper:
- Ucore Rare Metals will use the new infusion of cash to begin construction of a new facility located in Louisiana that will be capable of producing 2,000 tonnes annually of rare earth oxides
- Ucore Rare Metals’ RapidSX machine technology is capable of processing highly important rare earth elements such as neodymium and dysprosium, which have both been restricted for exportation by China
The intrigue:
- The American government has been putting enormous focus on rare earth elements lately, which has largely been fuelled a new executive order out of the White House to begin a formal investigation into better understanding the risks of relying on foreign countries for rare earth element supply
