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At Neo, we envision a world that has substantially decarbonized major industrial and mobility sectors. Our decades of innovative research and development, and the innovative advanced materials that we make, have been integral to unlocking many new technologies that improve energy efficiency, reduce the intensity of use of fossil fuels, encourage circular economic models, and help protect air and water quality.
You can read more about Neo’s actions and commitments to sustainability in our inaugural Sustainability Report. This report provides details on our environmental, social, and governance performance in 2021, and it launches a formal reporting process to document our ongoing efforts to help fast-forward the world’s transition to a more sustainable and less carbon-centric future. See it here.
Neo Magnequench, a division of Neo Performance Materials Inc. (“Neo” or the “Company“) (TSX: NEO), recently broke ground on construction of the first rare earth magnet manufacturing facility in Europe designed to produce specialized rare earth permanent magnets for use in electric vehicles, wind turbines, and other clean energy technologies. Based in Narva, Estonia, the plant expects to begin producing permanent rare earth magnets in 2025 that can support the manufacturing of about 1.5 million electric cars when in full-scale production. Neo’s expected Phase 2 production of 5,000 tonnes/year can support the manufacturing of 4.5 million electric cars.
The groundbreaking event included speeches from notable officials from Estonia, including Narva Mayor Katri Raik, Estonian President Alar Karis, Estonian Investment Agency Director Joonas Vänto, Minister of Economic Affairs Tiit Riisalo, Minister of Regional Affairs Madis Kallas, Also participating were European Union representatives including Deputy Director General of EU Commission’s DG GROW Maive Rute and European Commission President Ursula von der Leyen. Also attending the event were ambassadors and embassy staff from multiple countries with commercial interests in Neo’s operations in Estonia, such as Canada, the United States, Germany, and France.
Neo intends to leverage its long experience in the rare earth magnetics industry, and the Neo team’s decades of specialized knowledge in this sector, to maximize circular economics through recycling of end-of-life magnets and recovering and recycling magnet ‘swarf’ material created in the manufacturing process.
European Commission President Ursula von der Leyen addresses the gathering of officials from Estonia, the EU, and other nations, and Neo Magnequench employees, at the groundbreaking ceremony in Narva, Estonia. President von der Leyen’s remarks and full video can be seen here. Additional information, photos, and videos from the event can be seen here.
For many years, Neo has led our industry in environmentally responsible production practices and in producing products that enable sustainable technologies.
For example:
Leadership in global sustainability has been a key pillar of Neo’s long-term growth strategy.
All five of Neo’s flagship rare earth facilities, representing approximately 90% of revenue generated by the Company, are now operating in the EcoVadis tracking and reporting system. We are proud of the fact that three of Neo’s largest five facilities earned EcoVadis sustainability medals in 2022:
Sillamae, Estonia
Our European rare earth and rare metal processing facility in Sillamäe, Estonia – the only operating commercial rare earth separations and rare metal processing plant in the European Union – has been awarded two successive Gold Medals by EcoVadis in 2022 and 2023. This places the plant in the top five percent of all facilities around the world reporting to EcoVadis for its sustainability efforts.
Korat, Thailand
Neo Magnequench’s rare earth magnetic materials production plant in Korat, Thailand has also earned two gold medals in a row in 2022 and 2023 from EcoVadis for its sustainability programs. This places the plant in the top five percent of all facilities around the world reporting to EcoVadis for its sustainability efforts.
Tianjin, China
Neo Magnequench’s rare earth magnetic materials production plant in Tianjin, China has earned a Silver Medal from EcoVadis in both 2022 and 2023 for its sustainability programs. This places the plant in the top 25 percent of all facilities around the world reporting to EcoVadis for its sustainability efforts.
Jiangyin, China
Neo Magnequench’s rare earth magnetic materials production plant in Jiangyin, China earned a Silver Medal from EcoVadis in 2023 for its sustainability programs. This places the plant in the top 25 percent of all facilities around the world reporting to EcoVadis for its sustainability efforts.
We are proud of the fact that many of our advanced industrial materials enable and enhance sustainability and improved environmental performance in our customers’ applications. Around the world, you can find Neo’s advanced materials in wind power turbines, hybrid and electric vehicles, pollution control systems, high-efficiency appliances and pumps, consumer electronics, energy efficient cloud computing, advanced water treatment, and many more. Here are some examples:
Neo Magnequench, a division of Neo Performance Materials Inc. (“Neo” or the “Company”) (TSX: NEO), is pleased to announce the launch of its new first rare earth magnet manufacturing facility in Europe. Based in Narva, Estonia, the plant expects to support the development of about 1.5 million electric cars by 2025. Additional applications include wind turbine manufacturing and other clean transportation, and energy solutions.
Neo Performance Materials and Hudson Resources advance the Greenland Sarfartoq rare earth project after receiving government approval for license transfer.
Neo has been awarded a grant of up to 18.7 million Euros from the Government of Estonia under Europe’s Just Transition Fund to help pay for the cost of constructing a state-of-the-art sintered rare earth permanent magnet manufacturing facility in Estonia.
Neo announces the publication of its inaugural Sustainability Report which provides information to shareholders, customers, industry partners, employees, and stakeholders on the Company’s environmental, social, and governance performance in 2021.
Neo’s European rare earth and rare metal processing facility in Estonia – the only operating commercial rare earth separations and rare metal processing plant in the European Union – has been awarded a Gold Medal by EcoVadis for its 2021 sustainability programs.
Two Neo Magnequench facilities earn gold and silver medals from EcoVadis for their 2021 sustainability performance.
Neo has become a participant in the United Nations Global Compact, the world’s largest corporate sustainability initiative, and has committed to implementing the Global Compact’s 10 Principles on human rights, labour, environment and anti-corruption.
In this newly released video, Neo’s Constantine Karayannopoulos expounds on the business strategy behind the launch of a new rare earth supply chain to feed Neo’s Silmet processing facility in Estonia, the only commercial rare earth processing facility in Europe.
Physical shipment of commercial quantities of rare earths from Energy Fuels’ White Mesa Mill in Utah to Neo Performance Materials’ plant in Estonia represents
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