REEtec

Norwegian production of critical earth metals

The Norwegian technology company REEtec has developed a new process for separation and processing of rare earths elements that are used in modern technology. The company will produce metal from Neodymium and Praseodymium (NdPr), a market that is expected to grow fivefold to USD 33 billion by 2030, primarily driven by growth in electric mobility and wind power.

REEtec will build its first full-scale factory in an industrial plant on Herøya in Porsgrunn, where they have already prepared a full industrial-scale demo plant. The plant will have a production capacity of 720 tonnes of NdPr annually from the second half of 2024, which represents about 5% of the estimated demand in the EU.

Reduces greenhouse gas emissions and increases security of supply

The European Commission considers rare earths elements to be an essential input factor for achieving climate neutrality by 2050. These are used in most modern technology and are considered some of the most critical raw materials in the green transition.

The value chain for rare earths elements is currently heavily concentrated in China, with an 80-90% market share. Today’s processing is very CO2-intensive, and REEtec estimates that its new process, where practically all input factors are reused, will reduce CO2 emissions by 90% compared to other leading players.

By moving the processing of important materials to Europe, REEtec is contributing to making the continent more self-sufficient in strategically important raw materials. The raw material, which is a concentrated mixture of various rare earths elements, will be supplied by Canadian mining company Vital Metals, and sales agreements have already been signed with industrial European customers.