Company profile
ReElement Technologies: what it does, projects, funding and status (2026)
Processing / manufacturing (building) Private (American Resources, Nasdaq: AREC, holds a minority stake) HQ: Fishers, Indiana
ReElement Technologies, based in Fishers, Indiana, is a chromatography-based rare earth refiner and recycler that is expanding a campus in Marion, Indiana and supplies oxides to magnet maker Vulcan Elements. It holds a conditional $80M Office of Strategic Capital loan commitment (Nov 2025), a $200M equity facility and a $25M Pentagon investment, and American Resources owns a minority stake.
Verified through Oct 1, 2026
Status and timeline Report a correction All US rare earth companies
What does ReElement Technologies do?
ReElement Technologies refines rare earth and other critical minerals from mined concentrates, recycled magnets and electronic waste into high-purity oxides using chromatographic separation. It works at the separation and recycling steps and supplies Vulcan Elements.
The company says its chromatographic platform reaches purities of 99.5% to 99.999% and fits into smaller footprints than a conventional solvent-extraction refinery. Products include NdPr, dysprosium, terbium, gadolinium and yttrium oxides and specialty minerals such as germanium, gallium and antimony.
ReElement is a different entity from its investor American Resources, which holds a minority stake of about 19% as of Nov 2025.
Which assets and facilities does ReElement Technologies operate?
ReElement operates a commercial qualification facility in Noblesville, Indiana and is building the Marion advanced technology center on 42 acres with more than 400,000 square feet of space. Its capacity statements have changed between releases, so they are goals and not output.
| Asset | Location | What it does | Size or output | Status |
|---|---|---|---|---|
| Marion refining campus | Marion, Indiana | Refining of rare earths and critical minerals | 42 acres; over 400,000 sq ft; Phase 1 of four lines with over 16,000 t/yr of aggregate product capacity (company) | Under development; capacity added in stages from Q3 2026 to Q1 2027 |
| Noblesville qualification facility | Noblesville, Indiana | Validation of refining across feedstocks; first commercial volumes | Not stated | Operating |
Capacity targets for Marion have been stated as up to 9,000 t/yr of oxide, over 10,000 t/yr (Jan 2026) and over 16,000 t/yr of products across four lines. They are company goals, and no output figure is published.
Who buys from ReElement Technologies and how much can it make?
ReElement's anchor customer is Vulcan Elements, which has a commercial-scale offtake agreement for light and heavy rare earth oxides to feed a 10,000 t/yr magnet plant. ReElement's own output has not been published, and its Marion lines are still being commissioned.
The Vulcan and ReElement partnership was announced on Nov 3, 2025 as a $1.4B arrangement with the Office of Strategic Capital: a $620M conditional loan commitment to Vulcan, an $80M conditional loan commitment to ReElement, matched by private capital, with the Department of War receiving warrants in ReElement.
ReElement plans to process mined concentrates and recycled feedstock, and in July 2026 American Resources said ReElement would contribute its chromatographic technology to a consortium for a Department of Energy coal-waste recovery pilot.
How is ReElement Technologies funded?
ReElement is funded by a conditional $80M Office of Strategic Capital loan commitment announced Nov 3, 2025, a $200M strategic equity facility from Transition Equity Partners closed Jan 13, 2026 and a $25M Department of War Industrial Base Fund investment on Jul 15, 2026. Mitsubishi Materials announced a planned strategic investment in preferred shares on Mar 31, 2026, with the amount not disclosed.
The $25M is described as an investment from the Department of War's Industrial Base Fund and is meant for refining equipment, commissioning of production lines and working capital. The sources checked do not state whether it takes the form of a grant, loan or equity.
The Transition Equity Partners facility is aimed at expanding the Marion operations first. American Resources, the original parent group, now describes ReElement as a minority holding.
What is the timeline of ReElement Technologies?
ReElement announced its Vulcan partnership and $80M loan on Nov 3, 2025, closed a $200M equity facility on Jan 13, 2026 and received a $25M Pentagon investment on Jul 15, 2026. Marion capacity is to be added in stages from Q3 2026 through Q1 2027.
- Nov 3, 2025
ReElement and Vulcan Elements announce a $1.4B partnership with the Office of Strategic Capital, including an $80M loan to ReElement.
- Jan 13, 2026
ReElement closes a $200M strategic equity facility with Transition Equity Partners.
- Jul 2026
American Resources is selected for DOE coal-waste pilot award negotiations, with ReElement in its consortium (company announcement Jul 9).
- Jul 15, 2026
The Department of War invests $25M in ReElement through the Industrial Base Fund.
Next milestones
- Q3 2026 to Q1 2027
Marion capacity is added in stages as production lines are installed and commissioned.
What government support has ReElement Technologies received?
ReElement has a conditional $80M Office of Strategic Capital loan commitment announced in Nov 2025, with warrants going to the Department of War, and a $25M Industrial Base Fund investment on Jul 15, 2026. Whether the loan has closed is not stated in the sources checked.
| Agency and instrument | Amount | When | Status |
|---|---|---|---|
| Office of Strategic Capital (Department of War)Conditional loan commitment, with warrants to the Department of War. Part of a $1.4B partnership with Vulcan Elements | $80M | Nov 2025 | Conditional |
| Department of War (Industrial Base Fund)Investment (form not stated). For equipment, line commissioning and working capital | $25M | Jul 15, 2026 | Closed |
See the government support tracker for how the loan compares with other commitments.
What are the risks and unknowns for ReElement Technologies?
The main unknowns are actual output at Marion, whether the OSC loan has closed and how ReElement sources feedstock at scale. Stated capacity targets differ between releases. This directory reports facts and gives no investment view.
- Capacity claims: targets of 9,000, over 10,000 and over 16,000 t/yr appear in different releases.
- Loan status: the $80M commitment was announced in Nov 2025; closing is not confirmed in the sources checked.
- Customer concentration: Vulcan Elements is the named anchor customer, and it is itself still scaling.
- Feedstock: recycled magnet and concentrate supply at scale is not yet evidenced.
- Ownership: American Resources holds a minority stake that has changed over time.
Questions about ReElement Technologies
Is ReElement Technologies a public company?
No. ReElement Technologies is private. American Resources (Nasdaq: AREC) holds a minority stake, about 19% as of Nov 2025.
Where is ReElement Technologies based?
ReElement is based in Fishers, Indiana. Its refining campus is in Marion, Indiana, and its commercial qualification facility is in Noblesville.
What does ReElement Technologies do?
It refines rare earths and other critical minerals from mined concentrates, recycled magnets and electronic waste into high-purity oxides using chromatographic separation, and it supplies Vulcan Elements.
How much government money has ReElement received?
A conditional $80M Office of Strategic Capital loan commitment was announced in Nov 2025, and the Department of War invested $25M through the Industrial Base Fund on Jul 15, 2026. Loan closing is not confirmed.
How big will the Marion plant be?
Marion sits on 42 acres with more than 400,000 sq ft of space. Phase 1 has four lines targeting over 16,000 t/yr of aggregate product capacity, added in stages from Q3 2026 through Q1 2027.
Sources and verification
Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".
- OSTI review, Minerals Engineering 249 (Kashyap et al., 2026) Research paper
- Department of War: Office of Strategic Capital joint $700M conditional loan commitment with Vulcan Elements and ReElement (Nov 2025) Official record
- Department of War: $25 million investment with ReElement Technologies (Jul 2026) Official record
- American Resources press release on the Nov 2025 partnership (SEC exhibit 99.1) Official record
- Vulcan Elements and ReElement announce a $1.4B partnership (PR Newswire, Nov 2025) Company document
- Pulse 2: American Resources secures a $200M equity facility (Jan 2026) Syndicated copy
- Mining.com: Vulcan Elements and ReElement sign a $1.4B magnet supply deal Independent press
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