Development of proprietary metal alloy compositions, used in the manufacturing of permanent magnets, is a key bottleneck to domestic, rare earth magnet manufacturing
FISHERS, IN / ACCESSWIRE / January 8, 2024 / Royalty Management Holding Co. (Nasdaq:RMCO) ("Royalty Management" or the "Company") an innovative royalty company building shareholder value by acquiring and developing high value assets in sustainable market environments, is pleased to provide an update to its investment in a state-of-the-art permanent magnet materials program with Advanced Magnet Lab, Inc. ("AML"). The sponsorship is focused on the stand up of lab-scale capabilities for the development of proprietary metal alloy compositions that are used in the manufacturing of permanent magnets.
"We are excited to explore a new frontier for new alloys and material compositions for the creation of the next generation of permanent magnets and see the potential for many new markets based on our collaboration and investment with AML," stated Thomas Sauve, CEO of RMCO. Mr. Sauve continued, "this lab will enable AML to begin exploring novel material compositions for permanent magnet applications with leading companies in defense, automotive, and general industry. These capabilities will be key to reshoring a domestic supply chain of permanent magnet production within the United States, thereby reducing reliance on nations such as China."
The strategic partnership between RMCO and AML began in December 2022, when RMCO engaged with AML to fund the setup and development of a pilot-scale lab for producing novel metal alloys compositions for producing magnet powder. This relationship also provides RMCO with a royalty interest in these novel compositions developed that are consumed in producing permanent magnets.
AML is a leading developer of magnet-based technologies and has developed a novel process, PM-Wire™, for producing permanent magnets, which has been funded by the U.S. Department of Defense (DoD) and commercial partners. AML is presently being sought after to scale its manufacturing process by several strategic partners across the United States.
PM-Wire™ is a scalable and modular, manufacturing process, that has ability to produce non-sintered and sintered permanent magnets at a high-rate and high-yield from a variety of materials. The process is adaptable to a variety of applications, including those that benefit from magnets in unique configurations and material compositions, such as electric motors. The added benefit of PM-Wire™ is that the process enables for magnets of equal or greater performance with much less emphasis on the grade or quality of the alloys produced. This has enabled the team to focus on compositions that are less dependent on critical rare earth elements such as neodymium, praseodymium, and dysprosium, which are costly and difficult for suppliers to extract.
The collaboration between RMCO and AML, with the pilot-scale lab, is expected to begin producing sintered and non-sintered magnet alloy samples in the first half of 2024 for prototyping with AML's PM-Wire™ process.
RMCO and AML will continue to explore further business opportunities, including, but not limited to, additional material development programs and the commercial scale-up of metal alloys production capabilities.
RMCO has funded this effort through an investment in AML with subscription to convertible notes under the AML 2022 Convertible Note Round.
To learn more about the rapidly growing market for permanent magnets, please visit http://mitusmagnets.com for industry white papers and additional information.
About Advanced Magnet Lab, Inc. (AML)
Founded in 1995, AML is a recognized leader in the development of innovative magnet technologies and magnet-based applications. Today, AML is executing on multiple product development programs including magnet materials and PM-Wire™ based motors and generators for industrial, aerospace and defense. This includes projects funded by large industry, U.S. Department of Energy and U.S. Department of Defense. Please visit http://mitusmagnets.com for industry white papers and company information.
About Royalty Management Holding Corporation
Royalty Management Holding Corporation (NASDAQ: RMCO) is a royalty company building shareholder value to benefit both its shareholders and communities by acquiring and developing high value assets in sustainable market environments. The business model focuses on acquiring and structuring cashflow and revenue streams around assets that can support the communities by monetizing the current existing cash flow streams while identifying transitionary cash flow from the assets for the future. For more information visit www.royaltymgmtcorp.com.
Forward-Looking Statements
This press release contains statements that constitute "forward-looking statements," including with respect to the initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those that will be set forth in the "Risk Factors" section of the Company's registration statement and proxy statement/prospectus to be filed with the SEC. Copies will be available on the SEC's website, www.sec.gov. The information contained in this release is as of the date first set forth above. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Contact:
RedChip Companies Inc.
Robert Foley
1-800-RED-CHIP (733-2447)
Info@redchip.com
Company Contact:
Thomas Sauve
Chief Executive Officer
(317) 855-9926
SOURCE: Royalty Management Holding Corporation
View the original press release on accesswire.com
