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Aug 29, 2023

Ucore Rare Metals Inc. Stands Out in Nascent Market with Transformative Technology

Rare earths are essential in a wide variety of today’s technologies, from

Rare earths are essential in a wide variety of today's technologies, from smartphone cameras to defense systems.

The group of critical metals, which includes neodymium and praseodymium, has also seen increasing demand from the electric vehicle industry. "The simplest engineering solution for a drive train on an electric vehicle is to use a permanent magnet synchronous motor, and those permanent magnets are made of rare earth elements (REEs)," Jon Hykawy of Stormcrow Capital explained to the Investing News Network.

The global rare earths metals market is expected to grow at a compound annual growth rate of 12.3 percent to reach US$9.6 billion by 2026.