04.04.2024 07:00:06 - dpa-AFX: GNW-Adhoc: Nuclear Fuel from Nuclear Waste: Formation of NewMOX SAS, France
Amsterdam, 4 April 2024 --- AMG Critical Materials N.V. ("AMG", EURONEXT
AMSTERDAM: "AMG") is pleased to announce the formation of NewMOX SAS, Grenoble,
France, to service the nuclear fuel market. NewMOX is a subsidiary of ALD Vacuum
Technologies GmbH (https://www.ald-vt.com/), Hanau, Germany ("ALD"), AMG's
engineering subsidiary focused on vacuum furnace technology, which includes
sintering furnace systems enabling the production of commercial nuclear fuel
from plutonium and depleted uranium (termed "MOX"). ALD's MOX technology has
been applied in Germany, the United States, France, Belgium, the United Kingdom
and recently ALD has been delivering such furnace systems to China. ALD - where
D stands for Degussa - inherited the MOX technology from Degussa AG, ALD's
former owner (later renamed Evonik AG).
Presently, the total global storage of civil-use plutonium resulting from the
reprocessing of used fuel from commercial nuclear power operations stands at
380 tons, and this figure continues to grow with ongoing nuclear power
generation. Furthermore, if turned into electricity, this plutonium could power
36 one-gigawatt nuclear power plants for 20 years. Recycling this plutonium
would result in "CO(2) free" power and a saving of over 2 billion tons of CO(2)
if measured against a coal dominated grid. It should also be noted that the
circularity associated with the conversion of plutonium into MOX reduces uranium
mining and therefore further increases the attractiveness of nuclear power in
CO(2) terms.
The storage of plutonium is extremely costly due to the risks associated with
plutonium. The conversion of plutonium into MOX fuel not only eliminates these
risks but can be a commercially attractive alternative to storage. As an
indicator, the conversion of 380 tons of plutonium into MOX translates at
present fuel prices into a commercial value of $15 to $20 billion.
"We are excited that our furnace technology engineering excellence has created a
new project which resulted in the formation of NewMOX SAS. We have appointed
Serge Bertrand, head of ALD France, Grenoble, where ALD has centered its nuclear
technology activities, to be CEO of NewMOX. Dr. Johannes Fachinger, head of
nuclear ALD Hanau, will be Chief Technology Officer. Both gentlemen have
extensive industry expertise, and most recently were in charge of implementing
the MOX furnace technology in a Chinese factory," said Michael Hohmann, ALD's
CEO.
"The NewMOX business model is simple," said Dr. Heinz Schimmelbusch, AMG's CEO.
"There is a lot of plutonium stored and the operators of these storage
facilities are seeking ways to reduce storage costs; there is the proven ALD MOX
sinter furnace technology; and there is a large MOX market which will grow with
the development of the emerging SMR (Small Modular Reactor) wave. It is the
objective of NewMOX to form partnerships for the construction and operation of a
commercial plutonium recycling facility producing MOX fuel starting with
conceptual engineering and feasibility studies. This will take time, but this is
a very valuable destination. And it qualifies under AMG's "Double Materiality"
standard which combines financial and environmental benefits."
The declaration by the Dubai 23 conference COP 28 on Climate Change that the
tripling of the world's nuclear energy is essential for defeating Climate
Change has opened a new and prospective page for the nuclear industry. This
statement has been strengthened during the European Nuclear Summit in March
2024 in Brussels, where leaders of European countries and energy experts called
for a "nuclear energy revival."
For more information on AMG's engineering subsidiary, visit their website at
ald-vt.com (https://www.ald-vt.com/).
About AMG
AMG's mission is to provide critical materials and related process technologies
to advance a less carbon-intensive world. To this end, AMG is focused on the
production and development of energy storage materials such as lithium,
vanadium, and tantalum. In addition, AMG's products include highly engineered
systems to reduce CO(2) in aerospace engines, as well as critical materials
addressing CO(2) reduction in a variety of other end use markets.
AMG's Lithium segment spans the lithium value chain, reducing the CO(2)
footprint of both suppliers and customers. AMG's Vanadium segment is the world's
market leader in recycling vanadium from oil refining residues, spanning the
Company's vanadium, titanium, and chrome businesses. AMG's Technologies segment
is the established world market leader in advanced metallurgy and provides
equipment engineering to the aerospace engine sector globally. It serves as the
engineering home for the Company's fast-growing LIVA batteries, and spans AMG's
mineral processing operations in graphite, antimony, and silicon metal.
With approximately 3,600 employees, AMG operates globally with production
facilities in Germany, the United Kingdom, France, the United States, China,
Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer
service offices in Japan (www.amg-nv.com (http://www.amg-nv.com)).
For further information, please contact:
AMG Critical Materials N.V. +1 610 975 4979
Michele Fischer
mfischer@amg-nv.com (mailto:mfischer@amg-nv.com)
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