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Maginito Completes Acquisition of Pioneering Rare Earth Magnet Recycler Hypromag - Seite 3
Under the terms of the Transaction, the founding Directors and management of HyProMag will continue to provide support and work closely with Maginito to further scale-up and roll-out the HPMS technology.
HyProMag is establishing short loop recycling facilities for NdFeB magnets at Tyseley Energy Park in Birmingham, UK and other locations using the patented HPMS process to provide a sustainable solution for the supply of NdFeB magnets and alloys for a wide range of markets including, for example, automotive and electronics. Short loop magnet recycling is expected to have a significant environmental benefit, requiring an estimated 88% less energy versus primary mining to separation to metal alloy to magnet production. The plant at Tyseley Energy Parkis being developed together with the UoB, with a minimum capacity of 100tpa NdFeB (neodymium, iron, boron). This £4.3 million (C$7.3 million) project is being funded by Driving the Electric Revolution, an Industrial Strategy Challenge Fund challenge delivered by UK Research and Innovation ("UKRI"). The focus of the project is to take the HPMS technology to a greater scale and efficiency with revolutionary new design of processing equipment and extensive automation of processing methods for inert atmosphere powder handling and pressing. HyProMag is the primary industrial user and operator of the plant. First production is targeted for late 2023, which follows successful piloting at the UoB in 2022 as featured on BBC Midlands News: https://youtu.be/9P-dsNCffWw.
HyProMag GmbH
In November 2021, HyProMag established an 80%-owned subsidiary in Germany, HyProMag GmbH, to roll out commercialisation of HPMS technology into Germany and Europe. The remaining 20% equity interest is owned by Professor Carlo Burkhardt of Pforzheim University.
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HyProMag GmbH is developing a similar sized plant to that at Tyseley Energy Park and will be the first in Germany using the patented HPMS process. First production is targeted for 2024. Maginito has entered into a convertible loan agreement (the "Convertible Loan") with HyProMag GmbH. Under the terms of the Convertible Loan, Maginito has granted HyProMag GmbH a loan facility for €2.5 million (C$3.7 million) available to be drawn down in accordance with an agreed investment plan. Upon conversion of the Convertible Loan, Maginito's direct and indirect equity interest in HyProMag GmbH will increase from 80% to 90%.