Vulcan Energy gets $106 million funding from German ministry
Shares of Vulcan Energy surged as much as 16.8% to a more than 18-month high on Tuesday.
The Birmingham Centre for Strategic Elements and Critical Materials (BCSECM) at the University of Birmingham is partnering with Canadian CoTec (TSXV: CTH) to identify and commercialize disruptive technologies related to the critical mineral extraction industry.
The partnership will focus on potential opportunities to bring the university’s low-carbon, disruptive technologies in the mineral extraction industry to market, it said.
After signing a memorandum of understanding (MoU), the university will contribute research knowledge in the field, while CoTec will provide extensive industry experience, networks, and access to potential operating assets.
This agreement complements CoTec’s existing relationship with the University of Birmingham through its rare earth investments in Mkango Resources and Maginito Ltd. Maginito is currently owned by Mkango and CoTec on a 90/10 basis. Maginito owns HyProMag Ltd.
HyProMag’s recycling technology was originally developed by materials scientists at the university and is based upon the patented process – hydrogen processing of magnet scrap (HPMS) – allowing extraction of rare earth magnets from scrap and redundant equipment.
Rare earth magnets play a key role in clean energy technologies including electric vehicles and wind turbine generators.
“The guidance provided by CoTec will be an important part of our technology development plans,” Allan Walton, head of the University of Birmingham’s magnetic materials group and co-founder of HyProMag, said in a media statement.
“BCSECM has a track record of taking clean technologies to market, and this agreement significantly enhances the centres capability to develop processes at higher technology readiness level, leading to real world impact.”
A pilot plant for HPMS recycling opened at the University of Birmingham last year, and work is now underway to build a large scale ‘short loop’ recycling facility at Tyseley Energy Park, located in Birmingham.
