Geomega Resources and NeoCtech will both receive funding through NGen’s Global Innovation Cluster grant program | Zerbor/Shutterstock
Canadian industry-led nonprofit NGen awarded 86.7 million Canadian dollars ($64.2 million US dollars) in grants for 15 advanced manufacturing projects in Canada, including two rare-earth magnet recyclers.
Geomega Resources and NeoCtech will both receive funding through NGen’s Global Innovation Cluster grant program, according to a press release. Geomega Resources is based in Boucherville, Quebec, and NeoCtech is based in Montreal.
In the past, Geomega has also received funding from NGen for a rare earth recycling demonstration plant.
In a 2020 “In My Opinion” article for E-Scrap News, Geomega CEO and president Kiril Mugerman noted that Geomega does not handle e-scrap directly but rather works with recyclers that “do not have viable buyers of their magnet stream from their factories, and, instead, are allowing the magnets to get mixed with the metal scrap.”
Between 2019 and 2023, NGen has helped fund 165 Global Innovation Cluster projects with 370 industry partners and 311 research groups across Canada.
Jayson Myers, CEO of NGen, said in the press release that the “Innovation Cluster model is working – and the results speak for themselves.”
“Our role as an innovation catalyst is only possible because of the commitment from our industry and ecosystem partners and the support of the federal government’s Global Innovation Cluster program,” Myers added.