Amsterdam, 4 April 2024 --- AMG
Critical Materials N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") is
pleased to announce the formation of NewMOX SAS, Grenoble,
France, to service the nuclear fuel market. NewMOX is a subsidiary
of ALD Vacuum Technologies GmbH, Hanau, Germany ("ALD"), AMG’s
engineering subsidiary focused on vacuum furnace technology, which
includes sintering furnace systems enabling the production of
commercial nuclear fuel from plutonium and depleted uranium (termed
“MOX”). ALD's MOX technology has been applied in Germany,
the United States, France, Belgium, the United Kingdom and recently
ALD has been delivering such furnace systems to China. ALD – where
D stands for Degussa – inherited the MOX technology from Degussa
AG, ALD’s former owner (later renamed Evonik AG).
Presently, the total global storage of civil-use
plutonium resulting from the reprocessing of used fuel from
commercial nuclear power operations stands at 380 tons, and this
figure continues to grow with ongoing nuclear power generation.
Furthermore, if turned into electricity, this plutonium could power
36 one-gigawatt nuclear power plants for 20 years. Recycling this
plutonium would result in “CO2 free” power and a saving of over 2
billion tons of CO2 if measured against a coal dominated grid. It
should also be noted that the circularity associated with the
conversion of plutonium into MOX reduces uranium mining and
therefore further increases the attractiveness of nuclear power in
CO2 terms.
The storage of plutonium is extremely costly due
to the risks associated with plutonium. The conversion of plutonium
into MOX fuel not only eliminates these risks but can be a
commercially attractive alternative to storage. As an indicator,
the conversion of 380 tons of plutonium into MOX translates at
present fuel prices into a commercial value of $15 to $20
billion.
“We are excited that our furnace technology
engineering excellence has created a new project which resulted in
the formation of NewMOX SAS. We have appointed Serge Bertrand, head
of ALD France, Grenoble, where ALD has centered its nuclear
technology activities, to be CEO of NewMOX. Dr. Johannes Fachinger,
head of nuclear ALD Hanau, will be Chief Technology Officer. Both
gentlemen have extensive industry expertise, and most recently were
in charge of implementing the MOX furnace technology in a Chinese
factory,” said Michael Hohmann, ALD’s CEO.
“The NewMOX business model is simple,” said Dr.
Heinz Schimmelbusch, AMG’s CEO. “There is a lot of plutonium stored
and the operators of these storage facilities are seeking ways to
reduce storage costs; there is the proven ALD MOX sinter furnace
technology; and there is a large MOX market which will grow with
the development of the emerging SMR (Small Modular Reactor) wave.
It is the objective of NewMOX to form partnerships for the
construction and operation of a commercial plutonium recycling
facility producing MOX fuel starting with conceptual engineering
and feasibility studies. This will take time, but this is a very
valuable destination. And it qualifies under AMG’s “Double
Materiality” standard which combines financial and environmental
benefits.”
The declaration by the Dubai 23 conference
COP 28 on Climate Change that the tripling of the
world's nuclear energy is essential for defeating Climate
Change has opened a new and prospective page for the nuclear
industry. This statement has been strengthened during the
European Nuclear Summit in March 2024 in Brussels,
where leaders of European countries and energy experts called for a
“nuclear energy revival.”
For more information on AMG’s engineering
subsidiary, visit their website at ald-vt.com.
About AMG
AMG's mission is to provide critical materials
and related process technologies to advance a less carbon-intensive
world. To this end, AMG is focused on the production and
development of energy storage materials such as lithium, vanadium,
and tantalum. In addition, AMG's products include highly engineered
systems to reduce CO2 in aerospace engines, as well as critical
materials addressing CO2 reduction in a variety of other end use
markets.
AMG’s Lithium segment spans the lithium value
chain, reducing the CO2 footprint of both suppliers and customers.
AMG’s Vanadium segment is the world’s market leader in recycling
vanadium from oil refining residues, spanning the Company’s
vanadium, titanium, and chrome businesses. AMG’s Technologies
segment is the established world market leader in advanced
metallurgy and provides equipment engineering to the aerospace
engine sector globally. It serves as the engineering home for the
Company’s fast-growing LIVA batteries, and spans AMG’s mineral
processing operations in graphite, antimony, and silicon metal.
With approximately 3,600 employees, AMG operates
globally with production facilities in Germany, the United Kingdom,
France, the United States, China, Mexico, Brazil, India, Sri Lanka,
and Mozambique, and has sales and customer service offices in Japan
(www.amg-nv.com).
For further information, please
contact:AMG Critical Materials
N.V. +1
610 975 4979Michele
Fischermfischer@amg-nv.com
Disclaimer
Certain statements in this press release are not
historical facts and are “forward looking”. Forward looking
statements include statements concerning AMG’s plans, expectations,
projections, objectives, targets, goals, strategies, future events,
future revenues or performance, capital expenditures, financing
needs, plans and intentions relating to acquisitions, AMG’s
competitive strengths and weaknesses, plans or goals relating to
forecasted production, reserves, financial position and future
operations and development, AMG’s business strategy and the trends
AMG anticipates in the industries and the political and legal
environment in which it operates and other information that is not
historical information. When used in this press release, the words
“expects,” “believes,” “anticipates,” “plans,” “may,” “will,”
“should,” and similar expressions, and the negatives thereof, are
intended to identify forward looking statements. By their very
nature, forward looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that the
predictions, forecasts, projections and other forward looking
statements will not be achieved. These forward looking statements
speak only as of the date of this press release. AMG expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to any forward looking statement contained
herein to reflect any change in AMG's expectations with regard
thereto or any change in events, conditions, or circumstances on
which any forward looking statement is based.
- Formation of Newmox Press Release
Affiliated Managers (NYSE:AMG)
Historical Stock Chart
From Jul 2024 to Aug 2024
Affiliated Managers (NYSE:AMG)
Historical Stock Chart
From Aug 2023 to Aug 2024