5E Advanced Materials Signs LOI with Corning.
5E Advanced Materials, Inc. (NASDAQ: FEAM), a US-based company, has achieved a significant milestone with the signing of a non-binding letter of intent (LOI) with Corning Inc. (NYSE: GLW) to supply boron specialty materials to be used in the manufacture of its products. They will also share technical know-how, which could lead to improved versions or new applications for these high-performing elements.
About Corning Inc.
Corning Inc. is one of America’s biggest technical glass producers, offering precision products to leading electronics manufacturers. With expertise in materials science and manufacturing process leadership, they transform industries with innovative solutions for flat panel displays and other global markets, including life sciences or semiconductor equipment optics, which Corning has served for many years as a leading industry expert.
Corning is known for the invention of a process to produce light bulbs quickly and cheaply, including improving the glass for Thomas Edison’s light bulb. Corning became General Electric’s glass supplier after Edison General Electric combined with Thomson-Houston Electric Company in 1892. It invented and manufactured Vycor, an early major producer of glass panels and funnels for television tubes, pyrex glass-ceramic cookware, and the windows for US-equipped space vehicles, and provided the glass blank for the Hubble Space Telescope’s primary mirror.
Corning is also known for a well-documented meeting with Steve Jobs, of Apple when Jobs request Corning to supply toughened glass for its iPhone range. The glass was an early version of the industry standard for toughened glass which has become known as ‘Gorilla Glass’. It is now used in over 2 billion mobile phones and devices by leading manufacturers.
Opinion by CEO of FEAM
President and CEO of FEAM, Mr Henri Tausch, states that the letter of intent with Corning is an important step in developing a world-class boron specialty and advanced materials. This planned joint venture will enable them to combine their strengths in display technology with Corning’s expertise in glass substrates to create a leading edge-to-edge display solution.
Boron specialty and advanced materials are an important part of their company’s strategy, and a trustworthy partner like Corning and their market leadership will offer them an excellent opportunity to showcase their products. They are honoured to promote Corning’s sustainability commitments, which are perfectly aligned with their own environmentally friendly extraction and processing methods.
About 5E Advanced Materials, Inc.
5E Advanced Materials, FEAM strives to develop itself as a vertically integrated worldwide leader and provider of boron specialty and advanced materials. The company’s mission is to become a provider of these critical materials to industries dealing with global decarbonization, food production, and domestic security.
Boron is a critical component in the manufacture of solar panels, wind turbines, electric vehicles, and other clean energy technologies. It is also required for the manufacturing of fertilizers and other agricultural products. Furthermore, boron is used in various applications in the security and defense industries.
FEAM plans to establish itself as a global supplier of these critical materials by establishing its high-quality boron and lithium deposits. Previously known as American Pacific Borates, it owns Fort Cady, a strategical critical mineral resource in Southern California that they believe is very well-positioned to unveil significant value by monetizing boric acid, a substance used in various applications (glasses, fertilizers, ceramics, detergents, pharmaceuticals, etc.) and newer, rapidly growing applications influenced by decarbonization shifts. Co-product opportunities abound within the Fort Cady asset value, which will improve its cost-benefit curve and associated return profile, particularly for lithium carbonate and, to a lesser extent, SOP and gypsum.
FEAM’s Fort Cady integrated boron facility is recently designated as Critical Infrastructure by the Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency. They use this asset to deliver their suggested advanced material development activities internally over time.
The management team at 5E has extensive experience in specialty material mining, manufacturing, and marketing. This knowledge will be invaluable as the company strives to become a major boron and lithium products supplier. 5E is traded on the Nasdaq Capital Market under the ticker symbol FEAM and the Australian Securities Exchange under the ticker 5EA.