MagREEsource, a French start-up, has developed a process for recycling rare earth magnets that is environmentally friendly and commercially viable. The recycling process is based on patented hydrogen technology and has a 91% reduced carbon footprint compared to magnets made in China.
MagREEsource has secured a five-million-euro financing round for a pilot plant in Grenoble with a capacity of 50 tonnes, which is set to go into operation in the second half of 2023. Institutional and private investors, including Finindus, Tangent Line, EIT RawMaterials, Ciech Ventures, SATT Linksium, BAdGE and Grenoble Angels, participated in the financing round.
MagREEsource’s technology and vision align with the European Green Deal and provide a response to the call-to-action launched by the European Critical Materials Alliance to ensure Europe’s access to critical raw materials. The company aims to open a “MagFactory” with an annual capacity of 500 tonnes in 2027.
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“MagREEsource is a forerunner in the recycling of rare earth magnets, an essential component for the electrification of our society. The company’s technology and vision fit perfectly into the framework defined by the European Green Deal,” says Hans Maenhout, Investment Director at Finindus. “They provide a clear response to the call-to-action launched by ERMA – the European Critical Materials Alliance – to ensure Europe’s access to the critical raw materials needed to achieve carbon neutrality.”
“MagREEsource provides a disruptive solution for the recycling and manufacturing of Rare Earth magnets needed for Europe’s green transition, and we are delighted to continue to support them to accelerate the diversification of raw material supply for a greener, more sustainable and resilient Europe,” says Michel Vanavermaete, Innovation Hub Director at EIT RawMaterials.
