Formerly the chairman and CEO of New Day Aluminum LLC, David D’Addario functions as the chairman and principal of ElementUS Minerals, LLC, a holding of DADA Holdings, LLC, where he serves as the chairman and CEO. As such, David D’Addario is focused on building a Gramercy, Louisiana, plant capable of the annual processing of 1 million tons of bauxite residue, a byproduct of aluminum production, into critical metals and valuable rare earth elements (REE).
This initiative will not only sustainably eliminate some 30 tons of bauxite residue at Atlantic Alumina Company (ATALCO) in Gramercy, but also generate jobs and revenue. While critical metals and REE comprise about 20 percent of the total revenue value of the bauxite residue, the remaining 80 percent of expected revenue will be generated by the downstream production of coagulants, pigments, and sorbents. This approach delivers a diversified, risk-adverse product stream that accommodates market demand and promises to create at least 200 new direct green jobs. With the total benefit including nearly 600 indirect employment opportunities throughout Southeast Louisiana, the project has qualified for the Louisiana Economic Development (LED) incentive program. Folded within this are the LED Quality Jobs and LED FastStart Workforce Development programs. Additionally, the project will receive industrial tax exemption incentives and qualify for the Louisiana Research and Development Tax Credit program. One milestone achieved in 2022 involved the Louisiana Public Facilities Authority’s (LPFA’s) approval of the issuance of “a significant allocation” of private activity bonds that are tax exempt and will go toward facility construction. The state governor subsequently issued an executive order that formally granted the bond allocation. As a company official described it, incentivizing development projects that enable economic and sustainability goals to be met is an innovative, future-focused pathway forward.
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David D'Addario is an accomplished executive who serves as chairman of Dada Holdings, a management and investment firm headquartered in Fort Lauderdale, Florida, which manages firms in various industries and makes controlling investments. Last year, DADA led the Series A financing for Firefly Aerospace.
In 2022, Firefly Aerospace, a startup gaining relevance in the aerospace industry through its affordable blue-chip space transportation solutions, partnered with mPower Technology. In accordance with the agreement, Firefly will use mPower’s DragonSCALES solar power modules as the primary power source in its space utility vehicle (SUV) prototype and further products. mPower Technology has cemented a spotlight for itself in the sustainable energy space. Its revolutionary technology, DragonSCALES, combines portability (through miniaturized solar cells), solar-conversion efficiency, and material affordability to offer its power solution. According to Digital Journal, the resilient and highly flexible technology removes multiple constraints associated with existing solar solutions. As of the time of this report, Firefly Aerospace is poised to test its SUV (powered by DragonSCALES) on a 90-day mission. Digital Journal reported that the space shuttle will launch in the fourth quarter of 2022. A Yale University graduate, David D’Addario has over 35 years of experience in the aluminum industry. He leverages his expertise to lead different investment and management decisions, including selling a majority stake at New Day Aluminum, LLC to Concord Resources. David D’Addario also spearheaded the establishment of Element Mineral US, a rare earth elements (REE) company seeking sustainable and feasible technospheric extraction.
REEs are crucial for electric and construction components, especially in green innovations, due to favorable physicochemical properties. Traditionally, extracting rare metals required expensive, invasive, and highly destructive mining and refining methods. Favorable availability also faces monopolistic market supply and price manipulation, with China providing 99 percent of the global supplies, necessitating alternative extraction methods and sources. Technospheric extraction recovers the rare metals from aluminum bauxite waste (red mud). Red mud forms the primary residue, by weight, from aluminum production, at a rate of two tons per one ton of alumina produced. From the mud, depending on location, the REE percentage averages at 0.03 percent total residue weight, a large number considering the relative global scarcity. The REE remains unchanged during the Bayer process, with extraction yielding, among others, scandium, a highly sought after but rare REE used in light air structure alloys, reducing the plane weight by 15-20 percent. With concentrations as high as 50ppm, extraction from red mud is considered one of the most feasible and sustainable REEs sources. |
AuthorDavid D'Addario - Growth-Focused Metals Executive. Archives
October 2023
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