On March 17, 2025, Energy Fuels Inc. announced a strategic Memorandum of Understanding (MOU) with South Korea-based POSCO International Corporation. This collaboration aims to establish a new non-China rare earth element (REE) supply chain for electric vehicle (EV) and hybrid EV drivetrains.
POSCO International is a global leader in traction motor cores, a key component in EV drivetrains, and has qualified drivetrains with major U.S., South Korean, European, and Japanese automotive customers. The MOU positions Energy Fuels to secure supportive sales agreements for its REE oxides.
Initial qualification samples of Energy Fuels' neodymium-praseodymium (NdPr) oxide, produced at its White Mesa Mill in Utah, have already met POSCO's specifications. Upon successful validation of a larger sample, the parties will discuss potential long-term supply agreements, with initial mass production volumes capable of powering over 30,000 EVs.
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