The core technology being commercialised by HyProMag Ltd is the highly energy efficient, patented Hydrogen Processing of Magnet Scrap (“HPMS”) technology to extract and demagnetise NdFeB alloy powders from magnets embedded in scrap and redundant equipment.

HPMS is a key enabler for recycling of rare earth magnets in electronics, electric vehicles, robotics, wind turbines and other applications, with major competitive advantages in the rare earth magnet recycling sector, underpinned by approximately US$100m of R&D expenditure at the University of Birmingham (“UoB”) and with associated project partners. This is coupled with the ability to manufacture rare earth alloys and magnets with significantly reduced carbon footprint.

HyProMag was founded in 2018 by the late Professor Emeritus Rex Harris, former Head of The Magnetic Materials Group (“MMG”) within the School of Metallurgy and Materials at the University of Birmingham, Professor Allan Walton, current Head of the MMG, and two Honorary Fellows, Dr John Speight and Mr David Kennedy, leading world experts in the field of rare earth magnetic materials, alloys and hydrogen technology, with significant industry experience.

The HPMS process was originally developed within the MMG and subsequently licenced to HyProMag.

The MMG has been active in the field of rare earth alloys and processing of permanent magnets using hydrogen for over 40 years. Originated by Professor Emeritus Rex Harris, the hydrogen decrepitation method, which is used to reduce NdFeB alloys to a powder, is now ubiquitously employed in worldwide magnet processing.

HyProMag is establishing short loop recycling facilities for NdFeB magnets at Tyseley Energy Park in Birmingham, UK and other locations using the patented HPMS process to provide a sustainable solution for the supply of NdFeB magnets and alloys for a wide range of markets including, for example, automotive and electronics. Short loop magnet recycling is expected to have a significant environmental benefit, requiring an estimated 88% less energy versus primary mining to separation to metal alloy to magnet production. The plant at Tyseley Energy Park is being developed together with the UoB, with a minimum capacity of 100tpa NdFeB (neodymium, iron, boron). This £4.3 million project is being funded by Driving the Electric Revolution, an Industrial Strategy Challenge Fund challenge delivered by UK Research and Innovation (“UKRI”). The focus of the project is to take the HPMS technology to a greater scale and efficiency with revolutionary new design of processing equipment and extensive automation of processing methods for inert atmosphere powder handling and pressing. HyProMag is the primary industrial user and operator of the plant. First production is targeted for late 2023, which follows successful piloting at the UoB in 2022 as featured on BBC Midlands News: https://youtu.be/9P-dsNCffWw.

In November 2021, HyProMag established an 80%-owned subsidiary in Germany, HyProMag GmbH, to roll out commercialisation of HPMS technology into Germany and Europe. HyProMag GmbH is 20% owned (10% following conversion of the HyProMag GmbH convertible loan) by Professor Carlo Burkhardt of Pforzheim University, co-ordinator of the €14m SusMagPro (www.susmagpro.eu) and €13m REEsilience (www.reesilience.eu) EU funded recycling projects, with approximately 40 partners across the European supply chain.

HyProMag GmbH is developing a similar sized plant to that at Tyseley Energy Park. Initial capacity is expected to be a minimum of 100tpa NdFeB, comprising recycled rare earth sintered magnets and alloys and will be the first in Germany using the patented HPMS process, with first production targeted for 2024. Maginito has entered into a convertible loan agreement (the “HyProMag GmbH Convertible Loan”) with HyProMag GmbH. Under the terms of the HyProMag GmbH Convertible Loan, Maginito has granted HyProMag GmbH a loan facility for €2.5 million available to be drawn down in accordance with an agreed investment plan and convertible into a 50% equity interest in HyProMag GmbH.

This investment by Maginito will contribute to the matched funding requirements to unlock the €3.7 million grants announced by Mkango on November 23, 2022, for development of the production facility in Baden-Württemberg State.

For more information, please visit www.hypromag.com (UK) or www.hypromag.de (Germany)

To discuss magnet scrap solutions and purchasing, magnet and other product sales please contact moc.gamorpyh@stengam

To discuss collaboration and consultation please contact moc.gamorpyh@lacinhcet