Molycorp, Inc. producer of rare earth oxides (REO), announced that it is making a significant investment in Boulder Wind Power, which has designed a rare earth magnet powered wind turbine generator that can produce electricity as low as $0.04 per kilowatt-hour.
Molycorp invested in Boulder Wind Power’s Series B Convertible Preferred Stock as part of a $35 million capital raise by the company. With the investment, Molycorp gains board representation in Boulder Wind Power and is positioned to be the “preferred provider” of rare earth magnets and/or alloys for wind generators using this technology. Molycorp is using cash from operational earnings for the investment. Other details of Molycorp’s investment were not disclosed.
