Regenx begins commercial production of platinum and palladium at its plant in Tennessee
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(Kitco News) - Regenx Tech (CSE: RGX) (OTCQB: RGXTF), a technology company specializing in the recovery of precious metals from end of life materials, yesterday announced the commencement of commercial production at its plant located in Greenville, Tennessee.
In a statement, the company said that this achievement is an important step forward for the company as it "signifies the corporation's readiness to transition from the commissioning phase to ramping up commercial production to full capacity."
Regenx noted that the final step has been the successful installation of a larger gas line and permit approval, adding that the completion of the first module has paved the way towards "environmental impact and economic opportunity."
The company also pointed out that one Regenx plant with four modules will recover 70,000 ounces of platinum and palladium annually.
"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," said CEO Greg Pendura.
Regenx focuses on developing and commercializing its environmentally friendly processing technologies for the recovery of precious metals.
The company said its initial focus is the extraction of platinum and palladium from diesel catalytic converters with its business partner Davis Recycling, a leading catalytic converter recycler on the U.S. Eastern Seaboard.
According to the company, smelting is the dominant commercial method to recover palladium and platinum from used catalytic converters.
Regenx said it provides an alternative from "environmentally harsh" smelters to a "safe and modern technology that is a more responsible way to recover the precious metals."
The company added its cleantech solution recovers over 90% of the precious metals from retired catalytic converters.
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