Pentagon Takes a $25M Equity Stake in ReElement's Marion Rare Earth Refinery

The Department of War announced on July 13 a $25 million equity investment, with warrants retained, in ReElement Technologies to expand rare earth and critical minerals refining at its 400,000-square-foot Marion facility (Grant County). That structure replaced an earlier $80 million conditional loan ReElement withdrew from after struggling with federal due-diligence requirements, shifting execution risk back onto ReElement's balance sheet. China's export bans on gallium and germanium, two materials the Marion lines are built to process, are suspended only until November 27, 2026. If ReElement's first commercial line (targeted for Q3 2026) slips, defense and high-tech contractors drawing down inventory face a re-licensing crunch, and there is no domestic refiner at commercial scale for these outputs today.