Maginito has completed its acquisition of HyProMag, a UK company that specializes in recycling neodymium from scrap metal.

HyProMag was founded in 2018 at the University of Birmingham, UK and uses the hydrogen processing of magnetic scrap (HPMS) process for extracting and demagnetising NdFeB alloy powders from magnets embedded in scrap and redundant equipment.

Plans are to scale up the recycling process in the UK in 2023 and in Germany and the US in 2024, as part of a £4.3 million project funded by UK Research and Innovation, a government body.