INFINIUM Accelerates Commercialization of Domestic Rare Earth Metals Production Investment in infrastructure, key hires, and DOD contract addressing critical market gap
NATICK, Mass., May 29, 2013 /PRNewswire-iReach/ -- INFINIUM announced today it is accelerating commercialization of its rare earths technology to meet a critical gap in domestic clean production of rare earth metals. In support of this commitment, INFINIUM has made investments in new facilities, expanded development infrastructure, and added key technical team members. INFINIUM was also just announced as an award winner of a key DOD initiative to address the increasingly critical need for domestic rare earth metal production from oxide.
This new award furthers INFINIUM's mission to become the first provider of strategic metals through a revolutionary clean process. INFINIUM is the sole provider and developer of this clean process and with its licensing partner, has already demonstrated the ability to produce Magnesium, Titanium, Tantalum, Neodymium, and Magnesium-rare earth alloys, and is expanding to other metals as well. The INFINIUM technology provides a lower cost process with inert anodes, high purity products and virtually eliminates emissions, in stark contrast to the current metal production methods, necessarily performed offshore where environmental regulations are dramatically less stringent.
"We clearly saw the continuing gap in on-shore metals refining capability at least through the next decade. We decided to accelerate our investment in this area, in parallel with the increasingly critical commercial and defense needs for various RE metals including Dysprosium, Neodymium, and others," said Steve Derezinski, CEO and co-founder. "Ninety percent of the world's production of rare earth metals is held by China, where those input materials enable trillions of dollars of finished goods, and are critical for various defense, energy, transportation and consumer products."
INFINIUM recently relocated to new facilities, and re-named from MOxST to INFINIUM, to represent its commitment to realizing the mission of clean metal production. The move to new facilities enabled expansion of its rare earth development for Dysprosium and Neodymium metals, including recycling. INFINIUM has also expanded key members of the technical team, including Matt Earlam, who joined as INFINIUM's Manager of Metals Process Engineering. Mr. Earlam brings over 28 years of electrochemistry and critical kilo-ton production expertise in strategic metals including Magnesium, Titanium, and rare earths. Mr. Earlam was most recently with MolyCorp, and previously with TIMET and Dow Chemical.
In support of its recent focus, INFINIUM has been awarded a contract to produce Dysprosium for the US Dept of Defense. "The US Dept of Defense has identified Dysprosium as among the highest priority critical materials for US Nat'l security, and we are pleased to be working with the DOD to fill this gap in the US supply chain of RE," commented Mr. Derezinski. "The expanded facilities, additional infrastructure dedicated to rare earth production, and addition of Matt Earlam are a testament of our commitment to building a strong, domestic, sustainable rare earth metal production company."
Catherine Kang INFINIUM, Inc., 781.898.3430, firstname.lastname@example.org
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