Energy Fuels Inc., a Lakewood-based producer of critical minerals, reported that its high-purity neodymium-praseodymium oxide has been successfully used to manufacture permanent magnets for electric vehicles (EVs) and hybrids. This development comes after receiving confirmation from a leading global automotive supplier.
The NdPr oxide, mined in Florida and Georgia and processed at Energy Fuels’ facility in Utah, has been qualified for production of rare earth permanent magnets (REPMs) crucial for EV drive unit motors. The process indicates a significant step towards establishing a U.S.-based supply chain for these critical materials, which have traditionally relied on imports from China.
The production of REPMs marks a breakthrough in Energy Fuels’ efforts to create a “mine-to-magnet” supply chain. The magnets made from the NdPr oxide are anticipated to be installed in new vehicles within months, targeting major automotive markets including North America, Europe, Japan and Korea.
Mark Chalmers, CEO of Energy Fuels, expressed enthusiasm over the validation of their rare earth oxides, stating, “We are excited to announce that rare earth oxides mined, processed and produced in America are expected to be powering EVs and hybrids for sale around the world very soon, representing a major achievement in restoring domestic critical mineral supply chains.”
Additionally, Energy Fuels revealed plans to increase its capacity for producing heavy rare earth materials, further solidifying its role in the global market. The company processed approximately 3.0 metric tonnes of REPMs from 1.2 metric tonnes of NdPr oxide, sufficient to power about 1,500 new electric and hybrid vehicles.
