The ReElement ← → Mitsubishi collaboration is structured as two distinct workstreams:

U.S. side: Mitsubishi will participate through product offtake and tolling arrangements — meaning they supply feedstock (E-Scrap, magnets) and ReElement refines it, either selling back the finished oxides or charging a processing fee. This is the feedstock-to-Indiana pipeline.

Japan side: The two companies will jointly conduct a feasibility study toward establishing a joint venture in Japan for rare earth and rare metal recycling. The JV would combine Mitsubishi’s pretreatment and metal recovery technologies from their home appliance and automotive recycling businesses with their feedstock collection capabilities for electronic scrap, integrated with ReElement’s separation and purification technology.

The investment structure: Mitsubishi acquired preferred shares — not common. This matters because preferred shares typically come with liquidation preferences, potentially anti-dilution protections, and sometimes board seats or observer rights. The press release doesn’t disclose the size of the stake or the valuation, but the cap table now shows founders/management at ~25%, AREC at ~17% (as noted) and all other shareholders (TEP, Mitsubishi, and other note holders) at ~58%.

I wonder how the POSCO JV is coming along… Haven’t heard anything since the MOU.