Hexagon Energy Materials starts funding commercialization of rare earths separation technology
2019-12-20 09:53:02 [Print]
On December 18, Australian-based Hexagon Energy Materials Ltd
The development and commercialization initiatives, which include a RapidSX Front-End Engineering Design (FEED) Study for a Commercial Demonstration Plant (CDP), will be funded from Hexagon Energy Materials' existing cash.
In October 2019 the company executed a binding investment agreement whereby it secured an option to acquire a 49% interest in RapidSX for REEs. RapidSX is an advanced, proprietary low-cost downstream REE separation technology developed and piloted by Innovation Metals Corp (IMC).
IMC and Hexagon Energy Materials have agreed to form American Innovation Metals (AIM), an incorporated joint venture, with IMC contributing the RapidSX technology IP and expertise for rare-earth separation while Hexagon Energy Materials will contribute commercial and marketing skills.
The phase-one funding contribution will be applied towards Hexagon Energy Materials' US$2 million option obligation and will enable IMC, through AIM, to advance the requisite development work to ensure the RapidSX CDP timelines are achieved on time and on budget. Concurrently the parties will work to protect the IP of this important and potentially disruptive REE technology.
. announced that it has started funding the first stage commercialization of RapidSX rare-earth element (REE) separation technology for REE concentrates.
The development and commercialization initiatives, which include a RapidSX Front-End Engineering Design (FEED) Study for a Commercial Demonstration Plant (CDP), will be funded from Hexagon Energy Materials' existing cash.
In October 2019 the company executed a binding investment agreement whereby it secured an option to acquire a 49% interest in RapidSX for REEs. RapidSX is an advanced, proprietary low-cost downstream REE separation technology developed and piloted by Innovation Metals Corp (IMC).
IMC and Hexagon Energy Materials have agreed to form American Innovation Metals (AIM), an incorporated joint venture, with IMC contributing the RapidSX technology IP and expertise for rare-earth separation while Hexagon Energy Materials will contribute commercial and marketing skills.
The phase-one funding contribution will be applied towards Hexagon Energy Materials' US$2 million option obligation and will enable IMC, through AIM, to advance the requisite development work to ensure the RapidSX CDP timelines are achieved on time and on budget. Concurrently the parties will work to protect the IP of this important and potentially disruptive REE technology.