Braidy Industries Inc. and En+ Group plc announced the execution of a Letter of Intent specifying basic terms for a potential $200 million lead investment for its Braidy Atlas mill in Ashland, Ky., by En+ Group subsidiary United Company RUSAL plc (Rusal). The strategic partnership aims to create the first low-carbon-impact industrial aluminum rolling-mill operation in the world. Braidy will be the first North American company to contract Rusal’s premier ALLOW-branded (certified low-carbon) aluminum slabs and P1020 as its exclusive primary inputs. According to Braidy, no U.S. domestic smelter currently delivers low-carbon primary aluminum slabs.
Rusal is the sole primary aluminum producer globally that is capable of meeting Braidy’s quantity requirements and sustainability standards. The company will serve as Braidy’s exclusive supplier of low-carbon aluminum, providing close to 2 million metric tons over 10 years. The partnership will enable Braidy to become the first company to use 100% low-carbon inputs on a permanent ongoing basis.
In exchange for its investment, Rusal will obtain a 40% share in the project. Lord Barker, En+ Group executive chairman, will assume the role of co-chairman of the mill alongside Craig Bouchard, Braidy Industries chairman and CEO.
According to Braidy, the new mill will create 1,500 construction jobs, 650 new permanent advanced manufacturing jobs in Appalachia and approximately 3,600 additional jobs in the surrounding communities.