Maginito has invested £300,000 for an initial 25% interest in Hypromag in addition to a £200,000 convertible loan facility. Option to increase in terest to 49%.
Hypromag has licensed a patented process from University of Birmingham for extracting and demagnetizing NdFeB alloy powders from magnets embedded in scrap and redundant equipment (Hydrogen Processing of Magnet Scrap – HPMS).
The founding directors of HyproMag, comprising Professor Emeritus Rex Harris, Professor Allan Walton and two Honorary Fellows, Dr John Speight and Mr David Kennedy, are leading world experts in the field of rare earth magnetic materials, alloys and hydrogen technology, and have significant industry experience.
Maginito’s initial investment of £300,000 will fully satisfy HyProMag’s matched funding requirements for the three year, £2.6 million Innovate UK grant funded project, “Rare-Earth Recycling for E-Machines” (“RaRE”)