Fishers company lands major grant for critical mineral recycling
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A subsidiary of Fishers-based American Resources Corp. has received a nearly $1 million grant toward its efforts to recycle critical minerals from wind turbines, electric vehicle motors, lithium-ion batteries and other sources.
Electrified Materials Corp. will use the $911,519 matching grant from the Indiana Department of Environmental Management’s waste diversion project toward equipment for recycling rare earth magnets and battery materials, the company said.
Through a collaboration with ReElement Technologies, another division of American Resources, Electrified Materials recycles minerals from wind turbines, EV motors, lithium-ion batteries, consumer power tools and e-waste into manufacturing-grade battery and magnet supply-chain products.
“As a proud Hoosier, we are excited to collaborate with State of Indiana and our Department of Energy to drive innovation in the rare earth and battery materials marketplace,” Mark Jensen, chairman and CEO of American Resources, said in a news release. “We commend Indiana’s Department of Energy for recognizing the importance of recycling in building a sustainable and resilient supply chain of critical minerals for national security.”
American Resources Corp. is a $37 million publicly traded company with operations in Indiana, Kentucky, Ghana and Japan. The company provides battery metals, rare earth elements and carbon to manufacturers of rare earth magnet, lithium-ion battery and semiconductor products.
In September, the company announced that ReElement Technologies and another subsidiary signed a memorandum of understanding with a battery recycling and reuse company in India to establish a facility in Marion, Inside INdiana Business reported.
American Resources said the venture between its subsidiaries and Lohum Cleantech Ltd. will be the first fully integrated battery recycling, repurposing, and critical material production facility in the United States.