HyProMag GmbH, a Germany-based technology start-up that specializes in the reprocessing of permanent magnets based on rare earths, received EUR 3.7 million (~USD 3.86 million) comprising a EUR 2.5 million (~USD 2.6 million) grant from the European Regional Development Fund (ERDF) and a EUR 1.2 million (~USD 1.26 million) grant from the Ministry of Economic Affairs, Labour, and Tourism Baden-Württemberg.

The funds will be used to cover 60% of the total cost allocated for the company's new project—“Innovation Centre for Science & Economy Northern Black Forest IZWW”—which includes developing Germany’s first rare earth magnet recycling HPMS plant in collaboration with Mkango Resources Ltd as its first phase. The grants were provided on the basis that for each EUR 1 spent on the Project by HyProMag GmbH, a further EUR 1.50 contribution can be claimed from the grants.

The plant will be the first in Germany to use the patented HPMS (Hydrogen Processing of Magnet Scrap) process and will have an initial capacity of a minimum of 100 tpa Neodymium (NdFeB) magnets. The plant will offer recycled rare earth sintered magnets, alloy pellets, and powders, and is slated to start production in 2024.

Founded in 2021, HyProMag GmbH provides reprocessing technology for permanent magnets based on rare earths, producing magnetic powders, alloys, and sintered magnets. Additionally, the company also offers customers development services and expert advice in the field of magnet recycling. HyProMag GmbH is 80% owned by HyProMag Limited (42% Mkango) and 20% owned by Professor Carlo Burkhardt of Pforzheim University.