American Resources (NASDAQ:AREC) news for Tuesday concerning a joint venture with Gerardine Botte, Ph.D., has AREC stock soaring higher.
The joint venture has American Rare Earth, a wholly-owned subsidiary of American Resources, teaming up with Botte to create the jointly-controlled Advanced Carbon Materials. The focus of this new company is the development and commercialization of technologies critical elements and graphene production from carbon deposits.
An American Resources news release notes that the new company will focus on bringing graphene production to the U.S. for the electrification marketplace. This will have it serving “the needs of the Department of Energy, Department of Defense and electric vehicle production.”
American Resources says that American Rare Earth will own a 49% equity stake in Advanced Carbon Materials. It will also hold a 95% revenue interest in the company. Outside of its development work, the company will also focus on securing other “patents, technologies, and licenses” to become a leader in the critical element production market.
Mark Jensen, chairman and CEO of American Resources, said this about the news.
“We couldn’t be more excited to welcome Gerri as a member to our Board of Directors. Gerri brings a wealth of knowledge and experience to our Company that will undoubtedly help steer American Resources and its more forward-thinking initiatives.”
Dr. Botte brings with her more than 21 years of experience in the development of electrochemical processes as well as advanced water treatment. Her previous works have included serving at the Electrochemical Society and she is currently the chairman of the Electrochemical Process Engineering and Technology Division of the International Society of Electrochemistry.
AREC stock was up 15.6% as of Tuesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.