HyProMag
Low-carbon rare earth magnet recycling and production in the U.S., leveraging patented HPMS technology for a sustainable domestic NdFeB supply.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | $92.0m | Debt | |
| Total Funding | 000k | ||
Hypromag USA, a Delaware-based entity jointly owned by CoTec Holdings Corp. and Maginito Limited, is focused on establishing a U.S. based rare earth magnet recycling and production operation.
The core of its strategy involves deploying the patented Hydrogen Processing of Magnet Scrap (HPMS) technology, sublicensed from HyProMag. This technology facilitates the recycling of neodymium iron boron (NdFeB) rare earth magnets, aiming for a low-cost, low-carbon, and sustainable business model.
HyProMag USA intends to develop a domestic supply chain for NdFeB permanent magnets, addressing the U.S. market's need for secure, traceable, and environmentally responsible sources of these critical materials. This contributes directly to the principles of a circular economy.
The company targets initial revenue in the second half of 2026. A key milestone is the joint decision by CoTec and Maginito in the first half of 2025 on proceeding with the U.S. project construction, contingent on the Feasibility Study outcomes. U.S.-based Weston Solutions, Inc. is supporting environment and permitting studies. Revenue will be generated through the sale of recycled and produced NdFeB magnets to various industrial clients requiring these components.
Keywords: rare earth recycling, NdFeB magnets, HPMS technology, circular economy, sustainable materials, U.S. domestic supply, magnet production, CoTec Holdings, Maginito, critical minerals