American Resources (AREC), EDP Tie Up for Sustainable Wind Energy
American Resources Corporation's AREC subsidiary, ReElement Technologies Corporation, and EDP Renewables North America (“EDPR NA”) have collaborated to pioneer sustainable practices in the renewable energy sector. This collaboration aims to revolutionize the wind energy landscape through the innovative Close the Loop Program, launched by EDPR NA. By focusing on the efficient recycling of neodymium-based permanent magnets from decommissioned wind turbines, the partnership seeks to establish a circular supply chain that promotes environmental responsibility while advancing renewable energy technologies.
Neodymium-based permanent magnets are vital components in clean energy applications such as wind turbines and electric vehicle motors. However, their production and disposal pose significant environmental challenges. Through this partnership, EDPR NA and ReElement are committed to mitigating these challenges by recycling magnets and refining them into magnet-grade rare earth elements. This process not only reduces the environmental impact associated with wind turbine production and disposal but also lessens reliance on primary extraction methods, thus promoting sustainability in the renewable energy sector.
ReElement highlighted the importance of this collaboration in fostering a circular supply chain for renewable energy. It emphasized its critical mineral refining technology as a sustainable solution for recovering and refining various critical minerals. This approach not only facilitates wind turbine component recycling but also significantly reduces environmental footprint.
The partnership between EDPR NA and ReElement sets a precedent for responsible practices in the renewable energy sector, paving the way for a circular economy that extends the life cycle of critical and rare earth elements. ReElement's proprietary refining process stands out for its high performance, efficiency and environmental responsibility, making it a game-changer in the industry. By scaling production at ReElement's facilities, the partnership aims to reduce dependency on foreign nations for critical raw materials while promoting sustainable practices.
AREC’s shares have gained 20.3% in the past year compared with a 3.9% rise of its industry. The Zacks Consensus Estimate for the company’s current-year earnings is pegged at a loss of 6 cents per share. The consensus estimate for its current-year earnings has been stable over the past 60 days.
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Zacks Rank & Key Picks
AREC currently has a Zacks Rank #3 (Hold).
Better-ranked stocks worth a look in the basic materials space include Carpenter Technology Corporation CRS, Denison Mines Corp. DNN and Hawkins, Inc. HWKN.
The Zacks Consensus Estimate for Carpenter Technology’s current fiscal year earnings is pegged at $4.00, indicating a year-over-year surge of 250.9%. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have gained around 57% in the past year. CRS currently carries a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Denison Mines carries a Zacks Rank #1. DNN beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 300%. The company’s shares have soared roughly 76% in the past year.
The Zacks Consensus Estimate for Hawkins’ current fiscal year earnings is pegged at $3.61 per share, indicating a year-over-year rise of 26.2%. The Zacks Consensus Estimate for HWKN’s current-year earnings has been revised 4.3% upward in the past 30 days. HWKN, a Zacks Rank #2 (Buy) stock, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have rallied roughly 78% in the past year.
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