Estonia’s Ministry of Economic Affairs and Communications and Neo Performance Materials, a parent company of rare-earth processor Silmet have commenced cooperation to expand manufacturing of products from metallic rare-earth elements (REE) in Estonia.
The aim is to build a new Neo production facility for processing rare-earth metals and magnetic materials used in wind turbines, electric vehicles and other green technology solutions.
According to the Minister of Entrepreneurship and Information Technology Andres Sutt, the Neo investments would facilitate the construction of a large plant in the Ida-Viru County, this initiative being important for the green transition, production of strategic rare-earth metals and creation of new high-paying jobs.
“These prospective investments by Neo would substantially boost Estonian and European production capacity and supply chain reliability in the field of rare-earth metals and magnets,” he stated.
Neo Performance Materials CEO and Director Constantine Karayannopoulos believed that the planned plant would attract considerable investments into Estonia through Neo.
“We at Neo look forward to continuing creation of new jobs in Estonia and other European countries, decarbonisation of production and fulfilment of the circular economy objectives,” Mr Karayannopolous concluded.