- 5N Plus (TSX:VNP) will receive an US$18.1 million grant from the US Government to expand its germanium recycling and refining operations in St. George, Utah
- Montreal-based 5N Plus is a top producer of semiconductors and performance materials for the security, space, pharmaceutical, medical imaging, industrial and renewable energy sectors
- 5N Plus stock has added 195.66 per cent year-over-year and 536.81 per cent since 2021
5N Plus (TSX:VNP), a diversified performance materials producer, will receive an US$18.1 million grant from the US Government to expand its germanium recycling and refining operations in St. George, Utah.
The funding, falling under US president Trump’s Immediate Measures to Increase American Mineral Production Executive Order, will allow 5N Plus to increase production over the next 48 months to a target 20 metric tons of germanium per year.
The company uses industrial residue and mining by-products as its raw materials, contributing to the circular economy as it vies to strengthen germanium’s more than US$330 million market, including supply chains for night vision systems, infrared optics, semiconductors, solar cells and surveillance windows.
The news follows a stellar third quarter for the company, marked by record revenue and adjusted EBITDA, as well as an almost 300 per cent increase in net income, prompting leadership to increase full-year guidance.
Management commentary
“This award reinforces our unique leadership position as a trusted partner with the sourcing, refining and manufacturing expertise to supply high-purity specialty semiconductors to key customers for mission-critical applications,” Gervais Jacques, president and chief executive officer of 5N Plus, said in Friday’s news release. “We are proud that our St. George, Utah, facility has once again been recognized as a key partner to the US Government.”
About 5N Plus
Montreal-based 5N Plus is a top producer of semiconductors and performance materials for the security, space, pharmaceutical, medical imaging, industrial and renewable energy sectors.
5N Plus stock (TSX:VNP) opened with a loss of 0.3 per cent trading for C$23.18. The stock has added 195.66 per cent year-over-year and 536.81 per cent since 2021.
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