- Production is underway at precious metal recycling stock Regenx Tech’s (CSE:RGX) first commercial plant in Greeneville, Tennessee
- Once at full capacity, the plant will generate roughly US$100 million in revenue from the extraction of platinum and palladium from diesel catalytic converters
- Regenx Tech, formerly Mineworx, offers an environmentally friendly process for the recovery of precious metals
- Regenx Tech stock (CSE:RGX) is up by 11.11 per cent, trading at $0.10 per share
Production is underway at precious metal recycling stock Regenx Tech’s (CSE:RGX) first commercial plant in Greeneville, Tennessee.
The first of an eventual four production modules at the plant will focus on extracting platinum and palladium from diesel catalytic converters with partner Davis Recycling, the leading catalytic converter recycler on the U.S. eastern seaboard.
Each four-module plant will be able to produce approximately US$100 million in revenue at full capacity, allowing Regenx to capitalize on an estimated US$21.2 billion per year of precious metals from catalytic converters that is not being recycled.
Management estimates that the diesel catalytic converter market will grow from US$24.7 billion in 2017 to US$39.3 billion in 2025.
Regenx will now focus on ramping up commercial production to full capacity amid significant interest from industry peers and potential clients. This interest includes a non-disclosure agreement with a major industry player, and a supply agreement with a large refiner for Regenx’s metals concentrate.
“With the successful installation of the larger gas line, we are now poised to harness the full potential of our groundbreaking clean technology. This accomplishment reaffirms our commitment to advancing innovation and reinforces our position as a pioneering force in the industry,” Greg Pendura, CEO of Regenx Tech, said in a statement.
Regenx Tech, formerly Mineworx, is a clean technology company developing and commercializing an environmentally friendly process for the recovery of precious metals.
Regenx Tech stock (CSE:RGX) is up by 11.11 per cent trading at $0.10 per share as of 9:42 am ET.
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