Current Chemicals Expands U.S. Production of Rare-Earth Fluorides With New Investment From Momentum Global Ventures

Current Chemicals receives additional capital to scale U.S. capacity for critical rare-earth fluorides used in magnets, advanced coatings, and alloys

CLEVELAND--(BUSINESS WIRE)--Current Chemicals, Inc. (“CCI”), one of the few U.S. companies converting separated rare-earth oxides into the fluorides used to make rare-earth metals and magnets, today announced an additional investment from its lead shareholder, Momentum Global Ventures (“MGV”). The investment will significantly increase CCI’s production of neodymium fluoride, dysprosium fluoride, and other key rare-earth fluorides in Cleveland.

The funding adds infrastructure, equipment and engineering staff for fluorides of neodymium, dysprosium, terbium, gadolinium, yttrium, scandium, lanthanum, and lithium for reducing light rare-earths to metal: key inputs for permanent magnets, advanced coatings, and alloys.

Neodymium fluoride and dysprosium fluoride are key feedstocks for the metal at the core of high-performance magnets in electric motors, wind turbines and defense systems. Most processing capacity today is in China and, with U.S. defense sourcing rules tightening from January 2027, domestic conversion is one of the scarcest links in America’s mine-to-magnet supply chain.

“Demand for these fluorides is accelerating as upstream rare-earth supply expands and downstream magnet, coating, and alloy production grows, and this investment lets us scale quickly using the infrastructure and process expertise we already have in Cleveland,” said Bill Cohen, Ph.D., CEO & Chairman of Current Chemicals. “This added volume is an important step toward our goal of 1,000 metric tons of annual capacity and beyond. Momentum Global Ventures shares our vision of building a reliable, high-quality source of these critical materials for a resilient supply chain serving manufacturers across North America and Europe.”

“The world needs these critical materials, and demand is enormous,” said Pieter Six, Asset Director at Momentum Global Ventures and CCI board member. “Investing again shows our long-term commitment to CCI and to a secure domestic supply chain”.

About Current Chemicals

Current Chemicals, Inc. is a Cleveland-based specialty chemicals and materials manufacturer with more than 75 years on its Ivanhoe Road site, originally as part of General Electric. It produces rare-earth fluorides, high-purity specialty chemicals and LED phosphors for defense, aerospace, semiconductor, and lighting customers.

Visit currentchemicals.com to learn more.