MagREEsource to recycle rare earth magnets in France
The French start-up MagREEsource has developed an environmentally friendly process for recycling rare earth magnets based on patented hydrogen technology and wants to commercialise it.
MagREEsource has closed a five-million-euro financing round for its pilot plant in Grenoble with a capacity of 50 tonnes, which is scheduled to go into operation in the second half of 2023. Institutional and private investors including Finindus, Tangent Line, EIT RawMaterials, Ciech Ventures, SATT Linksium, BAdGE and Grenoble Angels participated, according to the statement.
MagREEsource’s recycling process recovers a powder from old magnets that can be used directly to make new magnets, with a 91 per cent reduced carbon footprint compared to magnets made in China, according to the company.
The company was spun out of the Institut Néel of the French government research organisation Centre national de la recherche scientifique (CNRS) in 2020. After the pilot plant, MagREEsource aims to open a “MagFactory” with an annual capacity of 500 tonnes in 2027.
“MagREEsource is a forerunner in the recycling of rare earth magnets, an essential component for the electrification of our society. The company’s technology and vision fit perfectly into the framework defined by the European Green Deal,” says Hans Maenhout, Investment Director at Finindus. “They provide a clear response to the call-to-action launched by ERMA – the European Critical Materials Alliance – to ensure Europe’s access to the critical raw materials needed to achieve carbon neutrality.”
“MagREEsource provides a disruptive solution for the recycling and manufacturing of Rare Earth magnets needed for Europe’s green transition, and we are delighted to continue to support them to accelerate the diversification of raw material supply for a greener, more sustainable and resilient Europe,” says Michel Vanavermaete, Innovation Hub Director at EIT RawMaterials.