How #China cornered the market for #CleanTech-Right Under the West's Nose...

Following up on yesterday's FT article "The New Commodities Superpowers" on how #BatteryMetals producers are looking to establish their own cartel, today the FT goes deeper into how China cornered the market for the building blocks of clean technologies.  

"China today is responsible for the production of about 90% of the world’s rare earth elements, at least 80% of all the stages of making solar panels and 60% of wind turbines and electric-car batteries. In some of the materials used in batteries and more niche products, China’s market share is close to 100%."

This has led to serious geopolitical challenges in the West s they seek to transition away from fossil fuels.

American #RareEarths Producer #MPMaterials Raising $500MM via #SPAC & #PIPE In Growth Capital

The bankers are getting their product to market quickly.

MP Materials to merge with Fortress Value Acquisition Corp., SPAC-special purpose acquisition company- sponsored by an affiliate of Fortress Investment Group LLC.

The transaction includes a $200 million fully committed common stock private Investment in public equity (PIPE) deal at $10.00 per share, anchored by Slate Path Capital, Chamath Palihapitiya and Omega Family Office.

The merger is expected to be completed in the fourth quarter of this year and will be listed on the New York Stock Exchange under the new ticker symbol MP.

See the whole article on Forbes here: https://www.forbes.com/sites/jimvinoski/2020/07/17/american-rare-earth-elements-producer-mp-materials-is-going-public-and-raising-500-million-in-growth-capital/

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