REVEX TECHNOLOGIES AWARDED $50 MILLION FROM THE STATE OF MICHIGAN

HOUGHTON, MI (September 20, 2024) – Revex Technologies, a next-generation critical mineral processing company, is pleased to announce that they have been awarded $50 million in grant cost-share funding from the Make it in Michigan Competitiveness Fund (MIIMCF), which will be used to support Revex’s innovative REV Nickel Project. This funding was contingent on Revex’s selection for the $145 million battery materials processing and battery manufacturing grant from the Department of Energy (DOE), Office of Manufacturing and Energy Supply Chains (MESC). Revex’s selection for the DoE grant was announced earlier today.

“Michigan is a national leader in clean energy investments,” said John Rockwell, CEO of Revex. “And we are grateful for the support the State has provided through this cost-share to help obtain the federal grant award, which will provide some of the funding for the $398M Rev Nickel project. In turn, Rev Nickel will help the State achieve its goal to have 23% EVs on the road by 2030, and further establish itself as the leader in energy transition.”

One of the critical materials in lithium-ion batteries (LIBs) is nickel, which provides high energy density and storage capacity. The global demand for nickel is on an upward trajectory and domestically, Michigan holds an upper hand with the only operating nickel mine in the United States, located in Michigan’s Upper Peninsula.

This is where Revex’s project plays an important role. The Rev Nickel project is a partnership with Eagle Mine to produce green nickel concentrate and other valuable U.S.-sourced critical minerals from metal-bearing waste streams, including discarded mine tailings and spent LIBs. Revex’s proprietary mineral processing solutions, and REV Nickel project will strengthen the domestic critical mineral supply chain, produce increased quantities of nickel and other critical minerals, and provide durable community benefits and good-paying clean-tech jobs. It creates essential infrastructure for clean energy by establishing a circular supply chain for critical minerals from mine extraction and processing to EV battery production, followed by recycling of spent batteries to produce new batteries.

The REV Nickel project plans to build upon an existing asset for critical mineral processing at Eagle Mine (Humboldt Mill) by creating a region-wide hub for domestic critical mineral production. Revex plans to reclaim and reprocess 10+ years of tailings from the subaqueous tailings storage facility and new tailings generated at the Humboldt Mill, and from additional development and exploration within the Upper Peninsula and Upper Midwest region.

The project is expected to have its first commercial intermediate nickel product within 20 months of funding. It will be led by Principal Investigator Michael Cleveland, PE., and provide enough domestic nickel for approximately half a million EV batteries annually.

Revex and Eagle Mine’s joint strategy for REV Nickel is to construct and operate three related facilities in Marquette County, Michigan. First, the Eagle Paste Facility will utilize flotation technology to process mine wastes containing residual nickel to produce paste backfill and nickel iron sulfide. Second, the reClaim facility will utilize commercial fluidized bed roasting and reduction technology to produce Green Nickel Concentrate from the Paste Facility output. And third, the reCover facility will utilize commercial grinding and mechanical separation technologies to extract cobalt, nickel, and lithium from spent LIB batteries.

“Michigan Economic Development Corporation (MEDC) has been a great partner during the entire process,” said Rockwell. “They provided resources to review Revex’s DOE grant application, steered the cost-share funding efforts within the State, and attended a key meeting with our team and the DOE in Washington, D.C.”

With the passage of the Bipartisan Infrastructure Law (BIL), Inflation Reduction Act (IRA), and CHIPS and Science Act, Michigan has a once-in-a-generation opportunity to bring transformative infrastructure, climate, and economic development to Michigan.

That’s why Governor Whitmer worked with the Legislature to secure the Make it in Michigan Competitiveness Fund (MIIMCF), a pool of state money intended to provide enabling funds such as match grants to unlock federally backed investments.

The Rev Nickel project is expected to add 115 new clean tech jobs and support 360 construction jobs over the 2-year construction period, bringing economic and social equity to a region which contains Justice 40, 48C energy community and disadvantaged qualifying census tracts. It will establish material training, apprenticeship programs, and upskilling of the workforce in this location. Eagle Mine and Revex Technologies have been working with the Upper Peninsula Construction Council (UPCC) and the Michigan Building & Construction Trades Council (MBCTC) to ensure local labor is used during construction. The REV Nickel project will enhance the existing Community Environmental Monitoring Program (CEMP), a partnership initiative for environmental justice between Eagle Mine, Superior Watershed Partnership, Keweenaw Bay Indian Community, and Community Foundation of Marquette County. It will be a vital economic anchor in a rural and historically mining-based economy and is committed to creating impactful and durable community and stakeholder benefits. 

“This funding represents an important milestone for Revex but there remains much more work to accomplish,” said Rockwell.

For more information about Revex Technologies and their REV Nickel project, please visit their website at: www.RevexTech.com.

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