FISHERS, Ind., September 26, 2024--(BUSINESS WIRE)--American Resources Corporation (NASDAQ: AREC) shares a milestone move: India's largest producer of sustainable critical minerals LOHUM Cleantech Ltd has signed an MOU with U.S. pioneers in modular, adaptable, and circular magnet-grade & battery-grade mineral processing technology - ReElement Technologies Corporation and American Metals LLC. The MOU marks the companies' initiation of a Joint Venture for establishing United States' first fully integrated battery recycling, repurposing, and critical material production facility. The 15.5 GWh facility will be set up with an initial investment of US$30 Million, and lead to the creation of 250 green jobs. The partnership is expected to initially supply over 315,000 electric vehicles annually with continued growth based on feedstock availability.

The integrated end-to-end battery & critical minerals lifecycle management facility will host the entire value chain from battery cell testing and segregation for second-life energy storage applications to recycling, mineral refining, engineered materials, and battery-grade products. The facility will produce critical materials with purity levels greater than 99.5%, which can then circulate in the U.S. domestic battery ecosystem.

The initial operating location will be at the Marion Advanced Technology Center in Indiana, and expand to other locations as determined by the joint venture parties. The joint venture will create a domestic ecosystem of recycled, high-purity lithium for developing North America's lithium-based battery manufacturing supply chain. The facility powered by LOHUM’s and ReElement’s capabilities will be able to eliminate a significant amount of capital expenditure, physical footprint, environmental impact, and associated operational expenditure needed for the separation and purification of battery materials.

Addressing the development, Rajat Verma, Founder & CEO of LOHUM expressed:- "As LOHUM expands its presence in North America, we welcome this opportunity to partner with ReElement and American Metals, companies that share LOHUM's goals of 'making battery materials last forever'. We believe the joint venture will be instrumental in building resilient critical material supply chains in the U.S. that can sustain themselves through circularity. This is an inspiring development in U.S.-India technology collaboration through market entities."

Speaking on the joint venture, Mark Jensen, Chairman of American Metals and ReElement Technologies, stated- "We have been working with LOHUM to figure out how to leverage our unique capabilities and world-leading technologies at ReElement along with the innovative and scaled up approach to critical mineral’s recycling and refining that LOHUM has established. We are pleased that ReElement and LOHUM are partnering in a joint venture to leverage both ReElement’s and LOHUM’s vast experience in recycling lithium-ion batteries."