OAK RIDGE, Tenn. (PRWEB) August 03, 2019
During the feasibility study, REE Magnesium Inc and CVMR® combined forces creating a joint venture that would take advantage of CVMR®’s vast mineral resources around the world. The joint venture aims to develop a complex of five metal refining structures based on CVMR®’s proprietary vapour metallurgy processes and technologies in the United States. The ultimate goal is to compete with foreign imports of refined metals into the United States, such as; rare earth elements (REE), magnesium (Mg), tantalum (Ta), niobium (Nb), vanadium (V), and nickel (Ni). All of which are considered strategic and critical metals for the U.S. manufacturing, energy, and defense sectors.
“With God’s help and American ingenuity,” Brittany Freeman, President of REE Magnesium Inc, says, “we aim to make U.S. industries stronger, more innovative and dominant in areas that keep our leadership intact.”
REE Magnesium Inc’s strategy has paid off quickly. A host of mine owners, financiers and potential endusers of products have approached the CVMR®/REE Magnesium Inc team, offering off-take agreements and looking for an investment opportunity. The products REE Magnesium Inc will offer are unique and in high demand in today’s economy. Their products consist of metal powders and nano-powders used in batteries, 3D printing, superalloys, and complex granular shapes that can only be manufactured using vapour metallurgy processes.
“CVMR®’s close association with a number of prominent universities allows us to benefit from the latest developments in metallurgical processes and to produce state of the art metal products,” says Cliff Boyd, CRO of REE Magnesium Inc “REE Magnesium Inc’s joint venture agreement with CVMR® facilitates the production of strategically significant metal products and alloys that are being imported into the United States or are not produced in sufficient quantities due to lack of raw material resources. REE Magnesium Inc is in the inevitable position of being able to invent new products for the battery industry, aerospace, automotive, defense, and pharmaceutical industries.”
In addition to supplying critically needed minerals and Rare Earth Elements, this joint venture will be environmentally friendly throughout the entire refining process thanks to state-of-the-art green technology. CVMR® has been able to capture carbon dioxide (CO2) emitted from various industrial outlets and convert it into valuable and highly sought-after products, such as graphite and graphene. The project has won a substantial award, two years in a row from “Solutions 2030 Challenge” program of the Ontario Centers of Excellence (OCE).
The CVMR® process captures various scales of CO2 emissions through a novel modular technology replacing the conventional absorption towers and scrubbers. The goal is to capture CO2 from industrial plants such as utility plants, oil sands producers, chemical manufacturers, and smaller operations. The captured CO2 is then converted into stable and value-added carbon by-products, such as graphite and graphene. The captured Carbon and metal powders are used in various modern batteries. Carbon flakes and graphene are used in water purification and desalination, concrete bricks, tires, and many other uses that are being discovered or invented.
Read more from original source: https://markets.businessinsider.com/news/stocks/ree-magnesium-inc-and-cvmr-leading-the-supply-of-critical-metals-and-rare-earth-elements-to-the-u-s