Mentioned:
Bain Capital and J.P. Morgan are getting behind a private company building a rare earth metallization facility. But, why?
What’s happening:
- Solcoa Industries has successfully raised $75M USD in a new equity and debt round to build out a rare earth metallization plant
By the numbers:
- $45M USD was raised in an equity financing round led by Bain Capital and $30M USD was raised as debt
Why it matters:
- Solcoa Industries is aiming to build a commercial scale rare earth metallization plant known as Solcoa One which leverages a halide-free process built in their own modular reactors as opposed to conventional molten-salt electrolysis
Going deeper:
- Solcoa Industries’ pilot plant in California has successfully validated their technology for 10 tonnes a year of samarium metal and magnet-grade neodymium-praseodymium metal combined
- J.P. Morgan was the anchor investor in the debt financing for Solcoa Industries
- Figma (NYSE: FIG) co-founder Dylan Field personally invested in Solcoa Industries’ new financing round
The intrigue:
- REalloys (NASDAQ: ALOY) previously made waves when they publicly stated they are building out the largest heavy rare earth metallization facility in North America to supply the United States military with strategic rare earth stockpiles
