ElementUS Invited to Submit Part II DOE Clean Energy Financing Program

​In 2023, ElementUS Minerals submitted the Part II DOE (Department of Energy) Clean Energy Financing Program Application. ElementUS is a US-based firm specializing in the extraction and refining of strategic minerals such alumina, iron, and other rare earth metals from bauxite waste. The firm received an invitation to submit the Part II loan application after the successful submission of Part I. The $400 million loan application under the DOE Title 17 Clean Energy Financing Program was a follow-up of the Part I application, where ElementUS submitted its processes, a detailed business plan, and anticipated carbon footprint. ElementUS passed the technical eligibility requirements stage as per DOE’s Loan Programs Office (LPO) guidelines, which paved way for the invitation to submit the Part II application.

According to ElementUS CEO, Joe Carrabba, submission of the Part II application was a great milestone in the firm’s objective to secure funding to facilitate the establishment of a commercial-scale mineral processing plant in Louisiana. Mr. Carrabba said the firm’s success was attributed to exceptional team dedication and in-depth data analysis. He expressed confidence in the firm’s progress and looked forward to moving forward with the financing process. The LPO review process consists of multiple verification steps before funding approval is granted for a loan issued by the US Department of the Treasury’s Federal Financing Bank, supported by a DOE guarantee. If approved, the loan is meant to help ElementUS achieve its goal of setting up a US-based high-efficiency and sustainable mineral processing plant.

David D'Addario, New Day Aluminum LLC

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