American Resources Corp (NASDAQ:AREC)'s minority-held affiliate ReElement Technologies has been named part of a National Science Foundation-backed consortium eligible for up to $160 million in funding over 10 years.
The Critical Materials Crossroads consortium, led by the University of Missouri-Kansas City, was selected as one of the NSF's Regional Innovation Engines. ReElement Technologies, a rare earth element and critical mineral refining company, is among the consortium's industry collaborators.
ReElement will contribute its refining and separation expertise, commercial-scale production capabilities and industry relationships to support research, workforce development and commercialization efforts aimed at strengthening domestic and allied critical mineral supply chains.
"The Critical Materials Crossroads initiative brings together the research, industrial, commercial and government partners needed to strengthen America's domestic critical mineral supply chain," said Kirk Taylor, CFO of ReElement Technologies.
"As demonstrated through our collaborations with the Department of Energy, Department of War and numerous commercial partners, meaningful progress requires coordinated public-private investment. We are excited to contribute our refining expertise to help accelerate commercialization and domestic production."
The consortium said that within 10 years of operation, it aims to deliver $40 billion in total impact, increase the state's gross domestic product by $17 billion annually, create 10,000 jobs, including 3,500 direct and 6,500 indirect positions, and attract more than $2 billion in public-private investment.
The selection follows a series of recent milestones for ReElement and American Resources, including ReElement's $25 million Industrial Base Fund investment from the US Department of War and American Resources' selection by the US Department of Energy for award negotiations supporting domestic critical mineral recovery.
Shares of American Resources added almost 8% on the update.