These are metals that are needed in the green shift. REEtec focus on the so-called magnetic metals, neodymium (Nd) and praseodymium (Pr). These are used to make strong permanent magnets, which in turn are used in energy-efficient electric car engines and other renewable technologies.
REEtecs is now starting construction of the first factory facility for the separation of rare earth species at Herøya. The factory will have a capacity of 720 tonnes of NdPr and will be in production from the second half of 2024. REEtec's proprietary technology can reduce CO2 emissions by 90 percent compared to other leading suppliers as virtually all inputs are reused in the process. The annual production of 720 tonnes of magnetic metals represents 5 per cent of the annual estimated demand in the EU.