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TechMet participates in funding round of Norwegian rare earths processor.

REEtec raises EUR 115 million for first industrial rare earth plant

REEtec, a Norwegian-based manufacturer of high-quality and sustainable rare earth elements (REE), has closed a financing round of EUR 115 million to build an industrial-scale plant for separating rare earths in Herøya, near Porsgrunn in Norway. REEtec has developed a proprietary technology for environmentally friendly and efficient production of neodymium and praseodymium, commonly referred to as ‘NdPr’. Known as “magnet metals”, these two rare earth elements are essential in the manufacturing of electric motors, wind turbines, robots, and pumps.

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