Regenx Tech Corp. [RGX-TSXV; RGXTF-OTCQ; YRS-FSE], a first-to-market non-smelter company that extracts precious metals from diesel catalytic converters, is bringing its groundbreaking technology to the U.S., with the first plant to open in Greenville, Tennessee, now under construction.
The environmentally safe technology is set to recover and recycle 90% of the precious metals found in diesel catalytic converters.
Before Regenx’s clean technology, the method to recycle auto catalytic converters was smelting, a process involving heating and melting. However, US$21.2 billion per year of precious metal from retired diesel catalytic converters is not being recycled. They create safety and processing issues with smelters, leaving them to go un-recycled and wasted in scrap yards and landfills that further contaminate the environment.
Now, the non-smelter company Regenx – which has signed a joint operating agreement with leading catalytic converter recycler Davis Recycling to successfully extract precious metals – is set to become the leading diesel catalytic converter in the industry in a market expected to grow to US$39.3 billion by 2025.
Regenx cleantech solutions recover over 90% of the precious metals from retired catalytic converters.
“Regenx offers a real solution to a growing market that hasn’t had one,” said Greg Pendura, CEO of Regenx. “I am proud to be a part of a company whose green and efficient technology will be making a difference in the world, between combating climate change and mitigating the growing shortage of precious metals across the globe.”
A total of 84% of the world’s supply of palladium is used in catalytic converters in passenger automobiles, light trucks and commercial vehicles. Three industrial applications include generators, heavy equipment and other industrial applications.
Some 27 million auto catalytic converters become available for scrap each year but only 30% of the palladium is recovered. The diesel catalytic converter market is expected to grow from US$24.7 billion in 2017 to US$39.3 billion in 2025.