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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 latest 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:
Physical shipment of commercial quantities of rare earths from Energy Fuels’ White Mesa Mill in Utah to Neo Performance Materials’ plant in Estonia represents
Andrew Bell, host of BNN/Bloomberg’s “Commodities” news show, today interviewed Constantine Karayannopoulos, Chief Executive Officer of Neo Performance Materials on the Company’s unique position in the rare earth industry and its strategies for growth as a supplier of critical rare earth materials to technologies that advance sustainability goals.
Neo Performance Materials and Energy Fuels are pleased to announce a new rare earth production initiative spanning European and North American critical material supply chains.
Neo Performance Materials is pleased to announce that its Neo Magnequench facility in Tianjin, China has been named as a “Top 100” manufacturing enterprise in Tianjin by the Tianjin Enterprise Association.
TORONTO, Canada, June 13, 2018 – Neo Magnequench, a subsidiary of Neo Performance Materials Inc. (“Neo”, the “Company”) (TSX:NEO) and a leading global supplier of
