Norwegian production of critical rare earth metals
The Norwegian technology company REEtec has developed a new process for separation and refining of rare earth elements used in modern technology. The company will produce metal from Neodymium and Praseodymium (NdPr), a market expected to quintuple to $33 billion by 2030, primarily driven by growth in electric mobility and wind power.
Reduces greenhouse gas emissions and increases supply security
The European Commission considers rare earth elements an essential input factor for achieving climate neutrality by 2050. These are used in most modern technology and are considered some of the most critical raw materials in the green transition.
The value chain for rare earth elements is currently heavily concentrated in China, with an 80-90% market share. Current processing is highly CO2-intensive, and REEtec estimates that its new process, in which virtually all input factors are reused, will reduce CO2 emissions by 90% compared to other leading players.
By relocating the processing of important materials to Europe, REEtec contributes to making the continent more self-sufficient in strategically important raw materials. The raw material, which is a concentrated mixture of various rare earth elements, will be supplied by the Canadian mining company Vital Metals, and sales agreements have already been concluded with industrial European customers.