Under the agreement, Cyclic will supply recycled mixed rare earth oxides (rMREO) to Solvay’s plant in La Rochelle, France to make magnets, electronics and catalysts.
According to the company, this is part of a strategy to build domestic rare earth supply chains in Europe and North America. Solvay also reportedly wants to develop a major hub for rare earth magnets in Europe.
“As the European Commission finalizes the European Critical Raw Materials Act, supplies of recycled materials are becoming critical to European manufacturers,” said Ilham Kadri, Solvay CEO. “This MOU prepares us for a future offtake agreement which will further our efforts to provide certifiably recycled materials to these markets.”
“Solvay is the best-known player in the rare earth separation and rare earth chemicals market, and we are proud to collaborate with them to support a European rare earth industry,” said Ahmad Ghahreman, CEO of Cyclic Materials.