Solcoa Industries is planning a 500-ton-per-year rare earth metalmaking facility in Nevada that will use vacuum induction heating as part of its metallization process. The new capacity will convert refined rare earth materials into metals used in high-performance magnets for automotive, defense, energy, and other manufacturing applications.
The Alameda, California-based rare earth metal producer announced $75 million in financing to build and commission Solcoa One, its first commercial-scale plant. The financing includes $45 million in equity led by Bain Capital Ventures and $30 million in debt and equipment financing anchored by J.P. Morgan. The facility is scheduled to begin operations in July 2027.
Solcoa One is designed to produce 500 tons per year of neodymium-praseodymium (NdPr) and samarium metal. Solcoa currently produces more than 10 tons per year of magnet-grade metal at its Alameda operation and manufactures its modular reactors in-house.
Co-Founder and CTO
Solcoa Industries
The company uses a pyrometallurgical process to convert rare earth feedstock directly into metal. Solcoa co-founder and CTO Artem Iurkovskyi has described the process as using electric heat, with material placed in a molybdenum crucible inside a vacuum induction furnace. According to Iurkovskyi, the furnace reaches the required reaction temperature in approximately 30 seconds.
Solcoa says its process uses halide-free chemistries as an alternative to conventional molten-salt electrolysis. The company plans to use the new financing to scale production, expand reactor manufacturing in Alameda, and add engineering and research personnel.
At its planned capacity, Solcoa One is expected to produce enough NdPr metal annually to supply magnets for up to 1 million electric vehicles, according to the company.
Press release is available in its original form here.
