fbpx
 

US Strategic Metals to Enable United States Battery Supply Chain Independence

On December 18, US Strategic Metals (USSM), LCR’s partner in an EB-5 project, announced it had reached nearly $500 million in funding and commitments. The most recent financings, which include a $230 million commitment from affiliates of Appian Capital Advisory LLP (“Appian”) with initial funding of a $120 million secured term loan facility and a $70 million secured royalty financing arrangement will enable the expansion of USSM’s mining, recycling, and processing operations in Fredericktown, MO. J.P. Morgan acted as a Structuring Agent to USSM in connection with the Appian raise.

USSM will commission the first commercial phase by the end of 2024. After deploying over $250 million, the additional capital will advance USSM’s unique, green, ethical, low carbon, low emission, American-made technology. USSM processes and recovers battery-critical minerals, including cobalt, nickel, lithium, and copper, while offering superior logistics and long-term, sustainable jobs in the energy transition sector to marginalized rural demography. USSM expects to be the first significant near-term battery-critical minerals recycling and processing solution to reduce sourcing dependence on China.

“This funding milestone will enable USSM to provide auto makers a secure and ethical domestic supply to meet the majority of U.S. demand for cobalt for vehicle batteries—a game changer for the auto industry and the U.S. strategic battery materials supply chain all while repurposing a former Superfund site in the American heartland,” – Stacy Hastie, CEO of USSM

To learn more, access the full press release here

No Comments

Sorry, the comment form is closed at this time.