The startup operates a proprietary magnesium production platform that extracts magnesium from brucite, a magnesium-rich mineral, using a cost-effective method. This process aims to lower production costs and enhance sustainability in the aerospace, automotive, and construction industries within Europe.
Funding
$100M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
The European Union relies heavily on imported magnesium, with a significant portion coming from China. This dependence creates supply chain vulnerabilities and strategic concerns for key industries. A lack of domestic magnesium production poses risks to the automotive, aerospace, and aluminum sectors within Europe.
Solution
Verde Magnesium aims to establish a dedicated primary metallic magnesium production facility within the EU, offering a secure and internal supply alternative. The company utilizes a proprietary method to extract magnesium from brucite, a magnesium-rich mineral. This approach focuses on cost-effectiveness and sustainability, aligning with the EU Green Deal and Industrial Strategy. By redeveloping a previously permitted brownfield project, Verde Magnesium plans to commence production by 2025, subject to regulatory approvals.
Target Audience
The primary customers are companies in the automotive, aerospace, and aluminum industries within the European Union.
Features
- Proprietary magnesium extraction process from brucite ore
- Brownfield redevelopment of a previously fully permitted project
- Aims for low-carbon footprint production methods
- Focus on circular economy principles, including recycling waste streams
- Potential for by-product creation, such as fertilizers and cement
- Integrated mining and processing operations