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American Rare Earth has entered into JV

The date of: 2020-11-26
viewed: 1
American Resources says subsidiary American Rare Earth has entered into JV to develop and commercialize critical element and graphene technologies


 

source:Proactive Investor USA&Canada

The subsidiary will own a 49% equity interest and 95% revenue interest in Advanced Carbon Materials, the new joint venture with Texas Tech University professor Gerardine Botte who's also the Whitacre Department Chair in Chemical Engineering.

American Resources Corporation (NASDAQ:AREC), announced Tuesday that its subsidiary American Rare Earth LLC has entered into a joint venture to develop and commercialize critical element and graphene technologies.

In a statement, the company said the JV has been formed with Gerardine Botte, a Texas Tech University professor and the Whitacre Department Chair in Chemical Engineering, to develop technologies from carbon-based deposits under the newly established and jointly controlled limited liability company, Advanced Carbon Materials LLC (ACM). Additionally, the company has appointed Botte to its board as an independent director.

American Rare Earth will own a 49% equity interest and 95% revenue interest in the ACM.

READ: American Resources moves to complete reclamation of Indiana thermal coal mine complex

American Resources said ACM will focus on developing new technologies for both critical elements (rare earth elements) and graphene production to bring domestic production to the electrification marketplace, including the needs of the Department of Energy, Department of Defense and electric vehicle production. 

With Botte's extensive work (21 years) in advanced water treatment, ACM will look to license existing technologies in both segments as well as develop new technologies in partnership with the professor. 

'Gerri will be instrumental in working with all of our technology partners in directing our Critical Element and Rare Earth division on a path of innovation and growth as well as assessing prospective opportunities in graphene and battery production,” said American Resources CEO Mark Jensen. 

“Gerri's extensive work in advanced water treatment will be integral in our environmentally beneficial, hydro-based, rare earth collection as well as ensuring that our critical element processing methods discharge water in the most environmentally sensitive way. Her energy, spirit and knowledge fit extremely well with the goals of our team and the direction of our Company.'

Prior to Texas Tech, Botte was University Distinguished Professor and Russ Professor of Chemical and Biomolecular Engineering at Ohio University, the founder and director of Ohio University's Center for Electrochemical Engineering Research, and the founder and director of the Consortium for Electrochemical Processes and Technology. 

'The company's innovative management team with its willingness to think outside the box, is leading the industry forward on a path of prosperity, while ensuring it stays focused on safety and efficiency,” Botte said. “It's a very exciting time in the company's history and I am confident we can effectively drive both its organic growth and innovation in commercializing its American Rare Earth initiatives.'

American Resources said that ACM will work to secure other patents, technologies, and licenses in the fields of extraction, processing, and commercialization of critical elements, rare earth elements, and graphene production with other research institutions as the company progresses to become a leader in the critical element production space.



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