GlobeNewswire by notified

Nuclear Fuel from Nuclear Waste: Formation of NewMOX SAS, France

Share

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 4979
Michele Fischer
mfischer@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.

Attachment

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

Subsea7 awarded a contract for the Belinda field in the UK North Sea25.5.2024 14:01:09 CEST | Press release

Luxembourg – 25 May 2024 - Subsea7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 contract by Serica Energy, for the Belinda field development south-east of the Triton FPSO. The Belinda field is operated by Serica Energy and located approximately 190 kilometres east of Aberdeen in the UK Central North Sea, with a water depth of 95 metres. The contract scope includes project management, engineering, procurement, construction and installation (EPCI) of a 5-kilometre 8” production pipeline with a 3” piggy-backed gas lift line and an electro-hydraulic controls (EHC) umbilical. Subsea7’s scope also includes associated subsea structures and tie-ins to the Triton Floating Production Storage & Offloading (FPSO) vessel operated by Dana Petroleum, via an existing production manifold near the Triton riser base and for controls at the Evelyn valve skid. Project management and engineering work will commence immediately in Aberdeen. The offshore activities are scheduled

Novartis atrasentan Phase III data show clinically meaningful proteinuria reduction further advancing company's IgA nephropathy (IgAN) portfolio25.5.2024 12:15:00 CEST | Press release

In the ALIGN study, atrasentan, in addition to supportive care with a renin-angiotensin system (RAS) inhibitor,demonstrated a statistically significant 36.1% proteinuria (protein in urine) reduction vs. placebo + supportive care at 36 weeks1 Endothelin A (ETA) receptor activation contributes to elevated proteinuria in IgAN2-5; atrasentan is a potent, selective ETA receptor antagonist with potential to reduce persistent proteinuria and preserve kidney function for a broad patient population1 IgAN is a heterogeneous, progressive, rare kidney disease with a need for effective, targeted therapies6,7; up to 30% of patients with persistent proteinuria (≥1 g/day) progress to kidney failure within 10 years8 Through its rare kidney disease portfolio, Novartis is committed to exploring a range of treatment options with different modes of action to slow IgAN progression Basel, May 25, 2024 – Novartis today presented results from a pre-specified interim analysis of the Phase III ALIGN study of atr

Novartis presents latest Phase III Fabhalta® (iptacopan) data in C3 glomerulopathy (C3G) showing clinically meaningful and statistically significant 35.1% proteinuria reduction vs. placebo25.5.2024 12:00:00 CEST | Press release

Secondary endpoint data for estimated glomerular filtration rate (eGFR) showed numerical improvement over 6 months vs. placebo1; additional 6-month open-label data to be presented at a future medical meeting2,3Fabhalta showed a favorable safety profile with no new safety signals1C3G, an ultra-rare kidney disease caused by alternative complement pathway overactivation, progresses to kidney failure in ∼50% of patients within 10 years4-7; currently there are no treatments approved for C3G7-9 Fabhalta, an oral Factor B inhibitor of the alternative complement pathway, selectively targets the underlying cause of C3G1; late-stage development program ongoing across several other rare diseases10-13 Basel, May 25, 2024 – Novartis today presented results from the 6-month, double-blind period of the Phase III APPEAR-C3G study of Fabhalta® (iptacopan) at the late-breaking clinical trials session of the European Renal Association (ERA) Congress1. Patients treated with Fabhalta in addition to support

Metasphere Labs Announces Development of Innovative Carbon Credit Protocol for Grid-Scale Batteries24.5.2024 22:05:00 CEST | Press release

VANCOUVER, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is excited to announce an innovative initiative aimed at accelerating the decarbonization of the electricity grid through the development of a pioneering carbon credit protocol for grid-scale batteries. Innovative Carbon Credit Protocol The Company is committed to leveraging advanced technology to address critical environmental challenges. The new carbon credit protocol will enable grid-scale batteries to monetize their environmental attributes by generating carbon credits for the carbon reductions achieved through optimized battery operations. This protocol is designed to incentivize the deployment and operation of grid-scale batteries, ensuring they play a pivotal role in the transition to a clean energy future. Submission to Pure Sky Carbon Credit Registry The Company intends to submit this pr

Nokia Corporation: Repurchase of own shares on 24.05.202424.5.2024 21:30:00 CEST | Press release

Nokia Corporation Stock Exchange Release 24 May 2024 at 22:30 EEST Nokia Corporation: Repurchase of own shares on 24.05.2024 Espoo, Finland – On 24 May 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows: Trading venue (MIC Code)Number of sharesWeighted average price / share, EUR*XHEL362,1533.55CEUX--BATE--AQEU--TQEX--Total362,1533.55 * Rounded to two decimals On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 4 April 2023 started on 20 March 2024 and ends by 18 December 2024 with a maximum aggregate purchase price of EUR 300 million. Total cost of tra

HiddenA line styled icon from Orion Icon Library.Eye