Innovate UK is providing £1.9m with project partners funding the remaining £700,000. HyProMag’s contribution will be fully funded from a £300,000 investment made by Maginito, a subsidiary of Canadian mining company Mkango Resources. The deal in January 2020 for 25 per cent of the company. Maginito has the option to acquire up to 49 percent of HyProMag and has an exclusive one year license for the HMPS technology.
HyProMag’s pilot line will be part of a recycling facility for NdFeB magnets at Tyseley in Birmingham to supply NdFeB magnets and alloy powders for a wide range of markets including automotive and electronics. This includes hydrogen decrepitated (HD) demagnetised powders suitable for magnet producers, alloy ingot re-melted from HD powders suitable for alloy feed or magnet production, anisotropic alloy powders (HDDR) for bonded magnets and the sintered NdFeB magnets for the RaRE project. It expects to see the first sales from Tyseley in three years’ time.
“We are very excited about this innovative project and the opportunity to scale up and commercialise the HPMS technology,” said William Dawes, Chief Executive of Macinto majority owner Mkango. “We envisage that recycling of rare earth magnets will play a key role in the development of robust supply chains to catalyse and support growth in the electric vehicle sector and in other clean technologies.”