Maginito is focused on developing green technology opportunities across the rare earths supply chain, including NdFeB magnet recycling and innovative alloy, magnet and separation technologies. It holds a 42% interest in HyProMag (UK), a 66.8% interest in HyProMag GmbH (Germany) and a 100% interest in Mkango UK, and leverages the patented Hydrogen Processing of Magnet Scrap (HPMS) technology. Near-term plans include short-loop recycling plants at Tyseley Energy Park in the UK (first production targeted for 2023) and a comparable German facility targeted for 2024, plus a Mkango UK chemical-processing pilot plant targeted for 2023; initial plant capacities are described at roughly 100 tpa NdFeB. The Tyseley project is part of a £4.3m programme funded by UKRI Driving the Electric Revolution and the Mkango UK pilot is a £1.1m programme with 70% UKRI funding. Maginito and CoTec are pursuing a US co-operation agreement and expect to form a jointly owned US subsidiary to evaluate recycling, chemical processing, alloy and magnet manufacturing opportunities. Financially, CoTec has subscribed for Maginito shares for £1.5m (a 10% post-issuance stake) and there are related convertible loan arrangements that could increase CoTec’s Maginito interest, supporting Maginito’s scale-up and international roll-out.

Total raised

$2M

Funding rounds

1

Latest round

Equity

Latest activity

Mar 2023