American Resources Corp (NASDAQ:AREC) announced that its portfolio company ReElement Technologies Corporation has advanced as a finalist in the National Science Foundation (NSF) Regional Innovation Engines competition.
The Critical Materials Crossroads consortium, led by the University of Missouri-Kansas City (UMKC) and including ReElement Technologies, is competing for the award, which carries potential funding of up to $160 million over 10 years.
The NSF Engines program, launched in 2023, aims to support regional innovation and workforce development. Nearly 300 letters of intent were submitted for the second funding opportunity in early 2024.
Following a merit review process, 15 finalist teams, including Critical Materials Crossroads, were selected for the final round.
Finalists will undergo on-site assessments in January 2026, with awardees expected to be announced shortly thereafter.
The funding is intended to accelerate regional economic growth, workforce development, and technology commercialization in key innovation sectors.
The Critical Materials Crossroads initiative, established in May 2023 through a $1 million federal cooperative agreement, is focused on developing a domestic critical materials ecosystem in the Kansas City region.
The consortium includes universities, businesses, industry groups, nonprofits, and government partners, working to advance processing, technology development, applied research, and workforce training.
"ReElement's multi-mineral refining platform has created a new standard for solving one of the most complex challenges in the critical mineral supply chain - economically viable refining,” ReElement Technologies’ chief financial officer Kirk Taylor said in a statement.
“Through a collaborative approach, we're helping build domestic innovation and production ecosystems that are essential for long-term supply chain resilience. We're honored to partner with the Critical Materials Crossroads team on this vital initiative."
Anthony Caruso, UMKC vice chancellor for strategic initiatives, serves as principal investigator for the project.
"Being selected as an NSF Engines finalist is an extraordinary honor for the Critical Materials Crossroads and for the Kansas City region," Caruso said.
"The NSF recognition underscores the strength of our partnerships across universities, industry and community organizations that have made this achievement possible."