MONTREAL, QUEBEC--(Marketwired - June 25, 2014) -
This document corrects and replaces the press release that was sent today at 2:00 p.m. EDT. Please note that the contact information has been changed.
NovX21 Inc. (TSX VENTURE:NOV) is pleased to announce the signature of an agreement with Corporation d'initiative et de développement économique de la Ville de Thetford Mines for the development of Quebec's first precious metals recycling plant. The agreement, which will see NovX21's new plant set up in an existing building in the Thetford Mines industrial park, is a milestone on the road to commercial-scale deployment of NovX21's patented technology for the recovery of precious platinum-group metals (PGMs) from end-of-life vehicles.
"We looked at multiple options for the site of the new plant, both in Quebec and elsewhere, and Thetford Mines was the obvious choice, particularly given its strategic location and the availability of skilled labour in the region, but also because of its vibrancy and the entrepreneurial attitude of its representatives," said Sylvain Boulanger, NovX21's President and CEO.
Quebec-based NovX21 has developed, patented and implemented an innovative, sustainable green technology for the recycling of catalytic converters, a key component of vehicle pollution control systems. The Company's quick, clean, affordable, energy-efficient process allows PGMs to be recovered and reused, along with almost all the components1 in the manufacture of catalytic converters.
NovX21's solution coincides with the convergence of a strong precious metals market and the global automobile market, with the latter being called upon to meet increasingly green standards. Recycling now plays a key role for many automotive industry players, from vehicle production through to vehicle end-of-life. In this context, the global PGM recycling market is expected to grow by 8.2% to $9 billion by 2018.2
The technology developed by NovX21 also opens the door to R&D activities aimed at adapting its facilities to recover other metals, for use in a range of industries that generate large quantities of reusable components, such as electronics.
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Catalytic converters are composed of a ceramic substrate coated with three elements (platinum, palladium and rhodium), commonly referred to as the platinum-group metals (PGMs). |
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Global market for platinum, palladium and other platinum group metals recycling, Innovative Research and Products (IRAP) |
"NovX21 has a proprietary technology. We are one of the companies that will enable Québec to play a role in the commercial development of innovative, sustainable technologies and share in the associated economic benefits. In the current PGM market, NovX21 is aiming to become a stable source of supply," added Mr. Boulanger.
About NovX21
NovX21 operates an industrial prototype plant near Quebec City in St-Augustin-de-Desmaures for the recovery of Platinum Group Metals (Platinum, Palladium and Rhodium, or PGMs). Its patented dry chlorination process yields more than 97% PGM recovery, and is quick, clean, affordable and energy efficient. NovX21's mission is to sustainably recover and recycle end-of- life precious metals while meeting the global greener standards for the automobile industry. To learn more, visit www.novx21.com.
Source: NovX21 Inc.