The U.S. Department of War’s Office of Strategic Capital issued a $725 million conditional loan commitment to Energy Fuels Inc. This funding will scale domestic processing of rare earth elements at a new facility in Utah.
The project adds state-of-the-art separation and metallization capabilities to the company’s existing operations. These processes produce materials required for permanent magnets used in defense, electric vehicles, and renewable energy.
This investment fulfills a mandate from President Trump to secure a resilient American supply chain. The facility bridges a critical bottleneck between mineral extraction and high-tech manufacturing to reduce reliance on foreign nations.