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Carbonxt Group Ltd (ASX:CG1) (“Carbonxt” or “the Company”) has released its Half-year report for the half-year ending 31 December 2023 and provides the following update on the key areas of activity for the period -- all numbers are in A$.
OPERATIONS OVERVIEW
- Half year revenue of $8.4 million, down 5% on HY23, primarily due to a once-off impact on sales to the group’s largest pellet customer following outages at that customer’s facility.
- Operations during the half-year highlighted by great progress on the construction of the Company’s flagship Activated Carbon production facility in Kentucky, jointly owned with Kentucky Carbon Processing, LLC (“KCP”). Commissioning of the facility is now underway with a significant production ramp-up to occur next quarter.
- Pellet sales accounted for 54% of revenue and 37% of sales volume. Carbonxt continues to see strong demand for industrial pellets which is very encouraging given the near-term entry into production at the Kentucky facility.
- Powdered activated carbon (PAC) accounted for 46% of revenue and 63% of sales volume – PAC revenue increased by 31% from HY23.
- HY24 gross margin of 44%, up from 28% in HY23 principally due to positive flow-on effects from the successful rollout of operating cost reduction initiatives, as well as a reduction in manufacturing shifts at Arden Hills. The production performance of the Company’s other major ACP customer continues to decrease and is at a record low manufacturing cost.
- Underlying EBITDA for HY23 was a loss of $286K, compared to HY23 EBITDA loss of $930K, an improvement of 69%.
FINANCIAL OVERVIEW [All results in AUD]
REVENUE
- Total revenue was down 5% from HY23, driven primarily by downtime at our largest customer who had significant equipment issues at their facility in the December quarter.
- Pellet revenue was down 24% from HY23 reflecting the aforementioned reduction in demand from our largest pellet customer.
- PAC revenue was up 31% from HY23 reflecting the impact of material price increases across the customer portfolio and the increase in volume from one existing customer of approximately $1.5 million per annum.
MARGIN
- 1H23 gross margin was 44%, an increase from the 28% recorded in 1H23, reflecting the improvements made to operating costs over the past year.
- As noted earlier, continuous improvement is evident at Arden Hills based on lower fixed plant costs on a per unit basis.
- Several initiatives are also underway at Black Birch to further lower operating costs, including changes to the underlying lease structure. Negotiations on this matter will continue over the next quarter but are expected to lead to noticeable ongoing improvements in profitability.
OPERATING COSTS
- Shipping costs to customers increased in 1H24 to 13% of sales, compared to 1H23 at 11% of sales. The higher shipping costs reflect a customer mix change (lower sales to a major pellet customer who is located close to our Arden Hills plant).
- Operating costs of $2.9m were up 15% on 1H23 primarily reflecting additional one-off expenditure associated with entering into the Kentucky investment.
KENTUCKY PLANT
- During this period, construction has been underway for the new activated carbon plant in eastern Kentucky, USA. The plant will have an initial capacity of 10,000 tons per annum, with the ability to expand to 20,000 tons per annum for a small additional investment.
- Carbonxt has contributed USD $5.5 million to NewCarbon Processing, LLC (“NewCarbon”), alongside its US partner KCP. Carbonxt holds a 35.5% ownership interest in NewCarbon as of 31 December 2023, with options to invest a further USD $4.5m to move to 50% ownership interest.
- Construction progress has been pleasing with the plant now moving into the testing of front- end equipment and processes. The final electrical activities are expected to be undertaken in March with the delivery of the control systems, prior to the commencement of production.
- Near-term sales efforts are well underway with a very positive reception being received by our former industrial pellet customers. The next step for nearly all prospective customers is to provide pellet samples from the facility. This is expected to continue over the next few months.
- The JV project provides Carbonxt with a unique opportunity to benefit from major investments in pollution reduction technologies across the US market.
Click here for the full ASX Release
This article includes content from Carbonxt Group, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Carbonxt Group
Investor Insight
In an increasingly eco-conscious global market, Carbonxt makes a compelling investment case, leveraging a growing addressable market driven by regulatory changes and strategic partnerships. This addressable market is anticipated to grow substantially with the introduction of new regulations targeting PFAS and other environmental contaminants.
Overview
Activated carbon, derived from materials like coconut husks and coal, is a critical tool for filtering contaminants from air and water. Its effectiveness comes from a unique oxidation process that creates a vast network of microscopic pores, dramatically increasing surface area. This versatility makes activated carbon essential across industries, including healthcare, agriculture, oil and gas, and food processing.
For large-scale industrial applications, activated carbon is available in powdered, pellet, and granular forms, with prices ranging from US$2,000 to US$6,000 per tonne—presenting a significant market opportunity.
Carbonxt Group (ASX:CG1) is positioned to capitalize on this demand. As an innovative manufacturer of custom activated carbon, Carbonxt has expanded its reach through a partnership with US-based Kentucky Carbon Processing, forming the joint venture NewCarbon. This partnership enhances Carbonxt’s market potential and strengthens its gross margins.
A key driver of Carbonxt’s growth is its new Inez Power Activated Carbon Plant in Kentucky, which focuses on water treatment—a sector set for transformation due to new US regulations targeting PFAS contamination. PFAS, so-called "forever chemicals," persist in water, soil and even human bodies, with links to serious health issues like cancer, thyroid disease and developmental disorders.
The EPA’s Clean Water Act and the Bipartisan Infrastructure Deal allocate $10 billion to combat PFAS pollution, forcing water utilities to upgrade their filtration systems. Carbonxt’s specialized activated carbon solutions are designed to meet this demand. Through NewCarbon, the company is repurposing a waste-to-energy plant into an advanced activated carbon facility, significantly expanding its production capacity.
With 50,000 water utilities across the US accounting for half the granular activated carbon market, Carbonxt is strategically positioned to challenge industry incumbents and reshape the sector.
In addition to the Kentucky facility, Carbonxt has two more production facilities in the US: the Black Birch Powdered Activated Carbon Facility in Georgia and the Arden Hills Pelletization Plant in Minnesota. These facilities have a combined current total capacity of 13,500 tons per annum. The company plans to expand this capacity to 43,500 tonnes per annum by 2027.
Company Highlights
- Carbonxt Group is a manufacturer of patented activated carbon products designed to treat toxic pollutants in both air and water. The company has secured key partnerships and research grants to enhance its product development and market reach.
- Carbonxt currently has an addressable US market for the air phase exceeding US$290 million, with opportunities to expand significantly due to regulatory shifts.
- The partnership with Kentucky Carbon Processing has resulted in the joint venture company, NewCarbon, affording Carbonxt several advantages:
- Increased US-based production capacity to over 20,000 tons per annum, with potential for further expansion.
- Control over input costs, improving base margins.
- Access to high-quality raw materials, ensuring consistent product performance.
- The opening of this new facility allows Carbonxt to enter the water phase market of pollution control, increasing the addressable market to approximately US $1 billion.
- In the near future, much of Carbonxt's growth will be driven by the United States Environmental Protection Agency's increasing regulation of PFAS. There are 50,000 water utility companies in the US, with 4,000 serving over 10,000 customers, collectively representing a significant market.
- The addressable market is expected to increase to well over US$2 billion as these PFAS rulings come into place over the next three years.
- Carbonxt is well-positioned to serve these companies, providing granular activated carbon as well as activated carbon pellets that offer improved filtration with a lower pressure drop as a replacement for granular activated carbon.
- In addition to a highly experienced leadership team, Carbonxt’s strong revenue and earnings growth potential from NewCarbon make the company an attractive investment prospect.
Core Product
High-performance Activated Carbon
Carbonxt designs specialized activated carbon products for its customers, which consist primarily of industrial sector organizations and power utilities. Available in pellet and powder form, the company's oxidizing, non-brominated activated carbons are non-corrosive and designed to remain efficient throughout their entire lifecycle. Although Carbonxt’s origin and listing is in Australia, its products are manufactured and distributed exclusively within the United States.
Carbonxt is currently focused on developing an activated carbon manufacturing facility in Kentucky, the result of a joint partnership with Kentucky Carbon Processing. Once this facility is operational, water utility companies are expected to form a much larger part of its customer base. The facility is also expected to re-invigorate the company's industrial pellet market sales.
Highlights:
- Strong Market Outlook: Industry demand for powdered and pelletized activated carbon remains strong. Prices have trended considerably upwards over the past year and will likely continue to do so for the foreseeable future, particularly if the Trump administration persists with the imposition of wide-spread tariffs.
- Pricing Trends: Carbonxt's primary competitors in the activated carbon market have both announced price increases ranging from 15 to 40 percent. The company's activated carbon products have the potential to offer better filtration at a considerably lower price point.
- Looking Up: Continued improvements in gross margins (1H25 gross margin at 49 percent, up from 44 percent in 1H24) driven by price increases and ongoing cost-reduction initiatives, including at the Black Birch facility.
- Making a Good First Impression: Carbonxt's high-specification sample products have been well-received by end customers. Management is currently in talks with numerous water utilities to purchase capacity from the company's new facility once it comes online.
- Use Cases: Carbonxt currently manufactures activated carbon products for the following:
- Powdered activated carbons for mercury and flue gas component removal. Customers for this use case include coal-fired power plants, cement plants and industrial boilers & incinerators. Carbonxt manufactures a specialized activated carbon for each type of customer.
- Pelletized activated carbon for the removal of VOCs and hydrogen sulphide from gas streams.
- High-quality pelletized activated carbons designed to remove drinking water contaminants as well as taste and odor compounds.
- Contract Agreements: Carbonxt secured a $4.3 million purchase order for activated carbon products from US utility Wisconsin Public Service. The company also secured a four-year contract extension to supply premium PAC products to Reworld, a global leader in sustainable waste solutions. The deal will generate group revenues of approximately $6 million per annum for the duration of the contract.
Production Facilities
Carbonxt operates three U.S.-based production facilities, each specializing in a key segment of the activated carbon market.
Inez Power Activated Carbon Plant (Kentucky) – The newest and most advanced facility, producing 6,000 tons annually (expanding to 10,000 tons). Designed for granular and pelletized activated carbon, this plant boasts a 99 percent PFOA removal rate, positioning Carbonxt for dominance in PFAS removal and the liquid-phase filtration market—which is twice the size of the air-phase market.
Black Birch Powdered Activated Carbon Facility (Georgia) – Produces 6,000 tons annually (expanding to 10,000 tons), specializing in wood-based powdered activated carbon for industrial applications, including MatsPAC, AquaPAC and CEMPAC product lines.
Arden Hills Pelletization Plant (Minnesota) – Focuses on pelletized wood and lignite carbons, primarily for mercury removal and emissions control. Currently producing 7,500 tons, with key products NAQ-ACP and CTC-ACP.
Management Team
David Mazyck – President, NewCarbon and Director of Technology
Dr. David Mazyck is a world-leading expert on activated carbon (AC) and its applications including mercury capture. He has developed AC products for major multinational AC manufacturers and has regularly consulted them on technical issues. Mazyck is the former chairman of the Activated Carbon Standards Committee for the American Waterworks Association and has developed products for NASA.
He received his PhD in environmental engineering from Penn State University, where he also earned a PhD minor in fuel science.
Matthew Driscoll - Chairman
Matthew Driscoll has significant experience across several industries, including online technologies, financial services, fintech, cleantech, property and resources. He has more than 30 years’ experience in capital markets and the financial services industry and is an accomplished company director in roles across listed and private companies.
He has significant experience in international business growth, mergers and acquisitions, equity and debt raisings and building strategic alliances. His current directorships include NED Energy Technologies, NED Blina Minerals, NED Eco Systems, and NED Smoke Alarms Holdings.
Warren Murphy - Managing Director
Warren Murphy has led a large number of acquisitions and financings across the energy, resources and infrastructure sectors. This includes the development of over 2,000 MW of Greenfields power stations and the acquisition of over 3,000 MW of generation assets.
He was co-head of the Australian Infrastructure & Project Finance Group and Head of Energy at Babcock & Brown based in the Sydney office and led the development of Babcock & Brown’s energy sector capability in Australia and New Zealand, including the founding of Infigen Energy and its unlisted predecessor, Global Wind Partner, where he served as a director from inception until June 2009.
Murphy was also a director of the ASX-listed Alinta and Sydney Gas, as well as the unlisted Coogee Resources.
Imtiaz Kathawalla – Independent Director
Imtiaz Kathawalla was a vice-president at NYSE-listed Cabot Corporation, a global specialty chemical company where he had a 27-year career. Kathawalla's most recent position with Cabot Corporation was as general manager of Cabot's purification solutions division. He ran the group's US$300-million global activated carbon business where he oversaw a material increase in EBITDA before managing the sale of the business to a large private equity group.
Nicholas Andrews – Independent Director
Nicholas Andrews has held the role of executive chairman and CEO at Magontec (ASX:MGL), an established business in the global magnesium sector. He is a member of the executive committee and serves on the board of the International Magnesium Association. Prior to his executive career, Andrews held several senior roles in the financial services sector across both investment management and investment banking.
Purpose-built advanced carbon for healthier communities
Troy Minerals Reports Ongoing Geophysical Studies at the Lake Owen Project, Wyoming
Figure 1. Lake Owen, Location Map, Wyoming, USA
Recent maiden drilling results by Troy (announced on February 28th, 2025) have confirmed the presence of high concentrations of vanadium pentoxide (V₂O₅) and titanium dioxide (TiO₂), along with the discovery of scandium (a REE metal), significantly enhancing the project's critical mineral profile.
Lake Owen is supported by the US Geological Survey (USGS)'s Earth MRI (Earth Mapping Resources Initiative), which is delivering key geoscientific data and helping reduce exploration costs. As part of this initiative, a high resolution airborne magnetic and radiometric survey has been flown by USGS covering Troy's Claims and the raw data have become available to the Company. This federal backing highlights the project's strategic importance within the US critical minerals landscape.
Troy has engaged Geophysics One Inc. of Ontario, Canada, to evaluate, process, model and interpret the magnetic and radiometric data in conjunction with any available in-house geoscience data provided by the Company.
Figure 2. Lake Owen Project, Troy's Claims on Topo Map
Key Aspects of the Airborne Geophysical Survey
- The Lake Owen Project area was surveyed by EON Geosciences Inc. for the USGS, using an airborne total-field magnetic and radiometric method in 2021.
- Most of the 16,400 line-km helicopter survey was flown at 200m intervals, with the Lake Owen Complex subset infilled at 100m line separation in 2023 (see Figure 3, 4).
- Despite the 100m interval, the nominal altitude was high at 80m, averaging 107.4m within the property and ranging from 78m to 180m. Overall, the data quality is very good.
- Emphasis is placed on mapping magnetite-rich zones from the high-resolution magnetic data due to the area's mineralization being concentrated within cumulus magnetite-rich layers. Work and interpretation will be completed with enhanced magnetic images and a 3D magnetic model of the data that reveal remarkably consistent rhythmic magnetic layers and extending 10 km or more laterally, including the entire length of the Lake Owen property.
- High magnetization zones aid geological mapping and exploration of the Lake Owen property, particularly in areas with increased magnetite content and inferred structural zones.
- The radiometric response from the mafic complex is minimal and will be used only for mapping purposes, such as identifying cover and defining the Lake Owen Complex' extents. However, a few interesting anomalies will be analyzed to provide context for exploration targeting.
- Geophysics One, beyond general interpretation maps, will provide to Troy all magnetic and radiometric product maps, as well as 2D & 3D modelling in selected cases.
Figure 3.Map showing the 2023 flown high-resolution (100m line spacing) airborne survey (2nd Vertical Derivative magnetics) covering Troy's Lake Owen Project claims, on top of the 200m line spacing Medicine Bow Magnetic Survey (background data of Total Field magnetics)
The interpretation of the geophysical survey is in progress and the results of the Geophysics One studies once received will be reported and discussed in another news release in due course.
Figure 4. The 100m Line Spacing Magnetic Survey over the Lake Owen Complex (2VD)
Qualified Person
The information contained in this news release has been reviewed and approved by Ted Vander Wart, P.Geo., a consultant to the Company, who is a qualified person as defined under National Instrument 43-101.
About Troy Minerals
Troy Minerals is a Canadian based publicly listed mining company focused on building shareholder value through acquisition, exploration, and development of strategically located "critical" mineral assets. Troy is aggressively advancing its projects within the silica (silicon), vanadium, and rare earths industries within regions that exhibit high and growing demand for such commodities, in both North America and Central-East Asia. The Company's primary objective is the near-term prospect of production with a vision of becoming a cash-flowing mining company to ultimately deliver tangible monetary value to shareholders, state, and local communities.
ON BEHALF OF THE BOARD,
Rana Vig | CEO & Director
Telephone: 604-218-4766
Email: rana@ranavig.com
Forward-Looking Statements
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Troy Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of commodity prices, and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.
10 Biggest EV Stocks to Watch in 2025
Read on to learn about the top US and Chinese EV stocks, and the batteries and battery suppliers they're using for their current and upcoming models.
1. Tesla (NASDAQ:TSLA)
Market cap: US$776.95 billion
First on the list is EV maker Tesla, which has brought significant attention to the EV narrative.
The company's story starts in 2003, when it was founded by Martin Eberhard and Marc Tarpenning. Elon Musk invested in the company in 2004, becoming the largest shareholder, and eventually became its CEO in 2008. A well-known story for battery metals investors, the company made headlines in 2014 when it broke ground at its first gigafactory in Nevada, US, an unthinkable proposition at the time. Outside of the US, Tesla also has gigafactories in China and Germany.
In partnership with Panasonic (TSE:6752), at its Nevada gigafactory Tesla produces batteries with nickel-cobalt-aluminum (NCA) cathodes — different from most of Tesla’s competitors, which use a nickel-cobalt-manganese (NCM) mix.
Tesla announced in 2021 that it was changing the battery chemistry for its standard-range vehicles to lithium-iron-phosphate (LFP) cathodes, which are cobalt- and nickel-free. China’s largest battery maker, CATL (SZSE:300750), is a key supplier of LFP batteries for Tesla, particularly for the Shanghai and Berlin gigafactories.
South Korea's LG Energy Solution (KRX:373220) is working on supplying Tesla with batteries using nickel-manganese-cobalt-aluminum (NMCA) cathodes.
Tesla's prime EV position has taken a hit in the first quarter of 2025 as Elon Musk's political activities in the United States have generated a lot of negative publicity for the brand. However, the company is still the largest EV maker by market cap globally.
Image via Tesla.
2. BYD Company (OTC Pink:BYDDF,HKEX:1211)
Market cap: US$143.78 billion
Leading Chinese EV maker BYD Company was founded in 1995 and is a top producer of several kinds of rechargeable batteries, including nickel-metal hydride batteries and NCM batteries.
BYD has a vertically integrated supply chain, from mineral battery cells to battery packs.
In the fourth quarter of 2023, BYD passed Tesla in terms of global EV sales, selling 526,409 EVs compared to Tesla's 484,507 units sold during that quarter.
Backed by Warren Buffett, in 2020 BYD officially launched its Blade battery, a less bulky LFP battery. The following year, the company announced that it would use the Blade LFP batteries for all of its pure electric models.
The company is working on using sodium-ion batteries — this battery type is expected to be seen in 9 percent of global EV sales by 2033, according to a 2023 forecast from Fastmarkets.
In April 2025, BYD released two new EV models, the Han L sedan and Tang L SUV, based on its new Super e-platform, which allows users to add 400 kilometers (248 miles) of range in five minutes of charging, and charge to 100 percent in 20 minutes.
Image viaBYD.
3. Li Auto (NASDAQ:LI)
Market cap: US$22.41 billion
Li Auto bills itself as a pioneer in successfully commercializing extended-range EVs in China, and is a leader in China's full-size and large SUV markets. The company started volume production of its first model, Li ONE, in November 2019, and launched its initial public offering in July 2020, raising US$1.1 billion.
Li Auto has battery supply agreements with CATL, Sunwoda Electronic (SZSE:300207), a smaller Chinese battery maker, and SVOLT Energy Technology.
One of the main differences between Li Auto and the other companies on this list is that Li Auto's models allow battery pack charging with electricity or gas. The company calls this design extended-range EV technology.
Li Auto launched its first all-electric car, Li MEGA MPV, in 2024. In July 2025, the company is set to introduce its second all-electric vehicle, the i8 SUV, which uses an NMC battery and maxes out at 536 horsepower.
Image via Li Auto.
4. Xpeng (NYSE:XPEV)
Market cap: US$17.96 billion
Another Chinese EV maker focused on smart EVs, Xpeng’s main manufacturing plant is in Guangdong province.
CATL used to be Xpeng’s primary battery supplier, but the carmaker has diversified its battery suppliers. The carmaker has chosen to work with Sunwoda to develop a fast-charging battery for the G9. Xpeng also counts CALB (HKEX:3931) and EVE Energy (SZSE:300014) as battery suppliers. Xpeng has EVs powered by LFP batteries for the Chinese market, and its long-range versions use NCM batteries.
Xpeng's G9 achieved the top spot in charging time and fifth in the range test during the El Prix 2024 Motor EV Winter Test, demonstrating its strong performance in severe winter weather conditions.
In April, the company showcased its 2025 XPENG X9 flagship vehicle, with self-driving capabilities powered by Xpeng's self-developed Turing AI chip. At the same time, Xpeng unveiled itsAEROHT Land Aircraft Carrier, slated for mass production in 2026. The company bills it as "the world’s first modular flying car."
Image via Xpeng.
5. Rivian (NASDAQ:RIVN)
Market cap: US$12.99 billion
Founded in 2009 in Florida, US, Rivian designs, develops and manufactures EVs and accessories and sells them directly to customers in the consumer and commercial markets.
The company is based in Irvine, California, and manufactures its vehicles in Illinois.
The carmaker announced plans to use cells made with LFP chemistries for its standard-level vehicles in 2022, and in 2023 announced plans to switch its entire lineup to this type of battery. South Korea’s Samsung SDI (KRX:006400) is Rivian’s current battery supplier, but the company has plans to build its own battery cells in the future.
Rivian plans to deliver 46,000 to 51,000 EVs in 2025. By 2026, the company is looking to bring e-scooters and three-wheel EVs to market through its spinoff "electric micromobility company" named Also.
Image via Rivian.
6. Zhejiang Leapmotor Technology (OTC Pink:ZJLMF,HKEX:9863)
Market cap: US$7.74 billion
The Leapmotor brand first launched in China in 2017. The EV manufacturer designs and supplies its own battery packs for its vehicles. Major auto maker Stellantis (NYSE:STLA) became a 20 percent shareholder in late 2023. The following year, the two entities formed the 51/49 joint venture company Leapmotor International, in which Stellantis holds the controlling interest. The joint venture is focused on selling and manufacturing Leapmotor vehicles outside of China.
The company’s current models in the market include six seater SUV C16, mid-size crossover SUV C10, smart electric SUV C11, smart sedan C01, compact SUV B10 and smart BEV city scooter T03.
Leapmotor unveiled its B01 electric sedan in April 2025. The vehicle is powered by LFP batteries from Gotion High-tech, CALB and Zenergy.
Image via Wikimedia Commons.
7. Vinfast Auto (NASDAQ:VFS)
Market cap: US$7.32 billion
VinFast Auto, Vietnam's first global automotive manufacturer, is a multinational EV manufacturer producing both affordable and luxury EVs. The company even has an electric pickup truck in the works, known as the VF Wild.
VinFast Auto is working to expand its reach into key markets in North America and Asia. It has various showrooms and service centers in North America, including in the Canadian provinces of Ontario, British Columbia and Québec, and in the US states of North Carolina, New York, Texas and Kansas. The company opened an EV business network in the Philippines in 2024. The company also has plans to build more factories in the US, Indonesia and India.
VinFast Auto is on track to bring its EV manufacturing facility in India into operation in mid-2025. The EV facility is expected to have a production capacity of 150,000 vehicles annually.
Image via VinFast.
8. Lucid Group (NASDAQ:LCID)
Market cap: US$7 billion
Headquartered in California, Lucid Group was founded in 2007 and produces luxury electric cars. The company's first car, Lucid Air, is a state-of-the-art luxury sedan that is being produced at its factory in Casa Grande, Arizona, US.
Lucid will use Panasonic batteries in its long-range Lucid Air and its Gravity SUV, which will begin production in 2025, although details of the chemistry used are yet to be known.
In April 2025, Lucid announced the acquisition of select Arizona-based facilities and assets of battery and fuel-cell EV company Nikola Corporation.
"As we continue our production ramp of Lucid Gravity and prepare for our upcoming midsize platform vehicles, acquiring these assets is an opportunity to strategically expand our manufacturing, warehousing, testing, and development facilities while supporting our local Arizona community," said Marc Winterhoff, Interim CEO at Lucid.
Image via Lucid.
9. NIO (NYSE:NIO)
Market cap: US$6.6 billion
Founded in 2014, Chinese EV maker NIO designs, jointly manufactures and sells smart and connected premium EVs.
NIO's strategy includes its battery-as-a-service endeavor, a subscription purchasing model where buyers lease vehicle batteries. The company says the idea behind this move is to reduce vehicle costs. The service is run by a battery asset company, with NIO and leading battery maker CATL owning a stake. CATL is already NIO's sole battery supplier.
The company has built battery swap stations that allow drivers with low batteries to pull up and have it swapped for a full battery within minutes. Its fifth generation swap stations are expected to roll out starting in 2026.
In September 2021, the company introduced a standard-range hybrid-cell battery that combines NCM and LFP cells. NIO is also gearing uo to offer the world’s longest-range solid-state battery on a rental basis through its partnership with CATL.
NIO launched its newest EV brand, Firefly, in China in April. The first model in this brand is a small car for city dwellers who struggle with finding convenient parking, as it can locate available spots and use parking assist to maneuver into them. Drivers will also be able to access the above-mentioned battery swap program.
Image via Nio Newsroom.
10. Polestar (NASDAQ:PSNY)
Market cap: US$2.09 billion
Sweden-based electric performance car brand Polestar is owned by Geely Automobile Holdings (OTC Pink:GELYF,HKEX:80175). Up until early 2024, Volvo Cars was also a part owner, but decided to hand Polestar entirely over to Geely to operate as an independent brand. The move was attributed to slowing global demand for EVs.
The company has three models: the Polestar 2 four door sedan, the Polestar 3 luxury mid-size crossover and the Polestar 4 entry-level compact crossover.
Polestar has experienced some difficulties in the last couple years, including software challenges in 2023 that caused delays in the rollout of the Polestar 3. In 2024, the company recorded a 15 percent drop in deliveries.
The EV maker's bad luck seems to be turning around in 2025, with a 76 percent improvement in units sold in Q1 over the amount sold in the same period the previous year.
This is in part thanks to Polestar's efforts to capitalize on Tesla's struggles with Musk and its brand image. In February 2025, Polestar began offering Tesla owners in the US and Canada discounts of up to $20,000 on new leases of its models.
Image via SlashGear.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Troy Minerals
Investor Insight
Troy Minerals’ focused growth strategy—anchored by two high-purity silica projects nearing production and a diversified exploration portfolio targeting critical minerals—positions the company as a compelling investment opportunity with strong future upside..
Overview
Troy Minerals (CSE:TROY;OTCQB:TROYF;FSE:VJ3) is a rapidly emerging player in the critical minerals space, focusing on the development of high-purity silica and other essential materials for the clean energy transition.
Troy Minerals’ diverse portfolio targets the rising demand for raw materials in high-growth sectors like renewable energy and semiconductors. Leading the portfolio are two high-purity silica projects—Table Mountain (British Columbia) and Tsagaan Zalaa (Mongolia)—acquired through the strategic purchase of CBGB Ventures in September 2024. Tsagaan Zalaa is slated for production within 2025, followed by Table Mountain in 2026. These assets support Troy’s strategy to become a key supplier of critical minerals for the global energy transition.
Troy Minerals is targeting a transition from an exploration company to a production company, a move expected to significantly increase our shareholders value.
Troy Minerals is advancing exploration in titanium, vanadium and rare earths through projects in Wyoming, USA, and Quebec, Canada—broadening its exposure to critical minerals essential for industries like aerospace and energy storage.
Its assets are strategically located near key infrastructure and major markets such as the US and China, positioning the company to create significant shareholder value through exploration, development, and future production.
High-purity silica—vital for solar panels, semiconductors, and advanced high-quality glass—is central to the clean energy transition. Troy’s high-grade silica assets are well-suited for these applications, with the global market projected to reach US$104.34 billion by 2030.
With supply shortages worsened by geopolitical tensions and supply chain disruptions, Troy is well-positioned to become a key supplier, targeting near-term production at both its silica projects.
Troy Minerals maintains a diversified portfolio with key vanadium and rare earth element (REE) assets essential to EVs, renewable energy storage, and advanced electronics. The Lake Owen project in Wyoming is prospective for titanium and vanadium, while Lac St. Jacques in Quebec targets REEs—especially neodymium and praseodymium. In its recent corporate news release, Troy announced the discovery of scandium, the first metal element in the REE sequence at Lake Owen Project.
Vanadium supports vanadium redox flow batteries (VRFBs), a scalable energy storage solution for renewables. REEs are critical for permanent magnets used in wind turbines, EV motors, and electronic devices.
Scandium has green-energy technologies applications, but additionally it is the most effective known microalloying element that can strengthen aluminium, while also offering improved flexibility, resistance to heat and corrosion, and lighter weight, therefore Scandium finds applications in the space, military and civilian aviation industries.
Company Highlights
- Troy Minerals acquired CBGB Ventures in September 2024, securing two flagship high-purity silica projects in British Columbia and Mongolia.
- The Tsagaan Zalaa project in Mongolia is in mine permitting stage, being targeted to commence high-purity silica production within 2025, thereby positioning the company as a key supplier for the solar and semiconductor industries.
- The Table Mountain project in British Columbia is being targeted to begin high-purity silica production by 2026, with a 24-month development timeline. A maiden NI43-101 MRE is anticipated within Q2 2025.
- High-purity silica, similar to the company’s projects, is critical for solar panel production, semiconductors, fiber optics and high-performance glass.
- At its 100 percent owned Lake Owen Project in Wyoming, USA, the company has recently announce a Scandium discovery in its first two drilled holes.
- The company also maintains an exploration portfolio of critical mineral assets, including vanadium and REE, in tier 1 jurisdictions.
Key Projects
Tsagaan Zalaa Project (Mongolia)
The Tsagaan Zalaa project, located near the China-Mongolia border, is a near-term high-purity silica asset that is being targeted to commence production within 2025. The project’s proximity to key consuming markets, such as China, Japan and Korea, provides significant logistical advantages for the transportation of silica.
Tsagaan Zalaa’s silica deposits boast purity levels above 99 percent, making them suitable for advanced technological applications such as solar panels, semiconductors and fiber optics. The project’s minimal overburden and low strip ratio make extraction cost-effective, further enhancing its economic potential. Given the global demand for high-purity silica, this project has the potential to generate significant revenue for the company.
Troy Minerals has completed drilling and environmental studies at its Tsagaan Zalaa project and submitted a mining license application in February 2025. Government approval is anticipated in Q2 2025.
Table Mountain Project (British Columbia)
The Table Mountain project in British Columbia is a high-purity silica asset with strong near-term production potential. Spanning 1,698 hectares, it benefits from excellent infrastructure access, including roads, power, and natural gas, positioning it as a strategically located asset for the North American market. Troy Minerals expanded the project in 2025 through direct staking of two additional mineral claims totaling 606 hectares, contiguous to the existing property.
Recent analytical results confirmed broad zones of high-purity silica, reinforcing the project’s suitability for critical applications such as solar panels, high-performance glass, and electronics. Troy Minerals has submitted a drilling permit application and is advancing the project toward production, targeted for 2026, following a 24-month development timeline.
An NI43-101 compliant maiden Mineral Resource Estimate (MRE) is expected to be announced and filed within Q2 2025.
With rising demand for high-purity silica and growing emphasis on regional supply chain security, Table Mountain is well-positioned to help reduce North America’s reliance on imports and support the clean energy transition.
Lake Owen Project (Wyoming)
The Lake Owen project, located 50 km southwest of Laramie, Wyoming, is an early-stage exploration asset with strong potential for vanadium, titanium, and other critical minerals. Covering 1,932 acres (782 hectares), the project sits within the Proterozoic Lake Owen mafic to ultramafic layered intrusive complex, geologically favorable for titanomagnetite-hosted mineralization.
Troy Minerals has announced a strategic expansion of its Lake Owen Project, significantly increasing its land position in this highly prospective region. The project has effectively doubled in size—from 714 hectares to 1,433 hectares—through the addition of adjacent claims secured via recent targeted staking. These newly acquired claims are well-located, with excellent access to existing infrastructure, and cover ground considered highly prospective for critical mineral discoveries.
Recent drilling results have confirmed the presence of high concentrations of vanadium pentoxide (V₂O₅) and titanium dioxide (TiO₂), along with the discovery of scandium and rare earth elements, significantly enhancing the project’s critical mineral profile. Additionally, the presence of platinum group elements and gold adds further exploration upside.
Lake Owen is supported by the US Geological Survey (USGS)’s Earth MRI (Earth Mapping Resources Initiative), which is delivering key geoscientific data and helping reduce exploration costs. As part of this initiative, a high resolution airborne magnetic and radiometric survey has been recently flown by USGS covering Troy’s Claims. This federal backing highlights the project’s strategic importance within the US critical minerals landscape. The data have become available to Troy, which is currently designing the 2nd Phase, H2 2025, exploration program.
Lac St. Jacques Project (Quebec)
The Lac St. Jacques project, located 250 km north of Montreal, Quebec, is a rare earth element (REE) exploration asset spanning 2,889 acres (1,169 hectares). With excellent road access and nearby hydroelectric power, the project offers cost-effective logistics and a sustainable energy source for future development.
Rare earth mineralization at Lac St. Jacques is hosted in pegmatitic syenite and granite intrusives, with a carbonatite deposit rich in light REEs—particularly neodymium and praseodymium. These elements are critical for manufacturing permanent magnets used in EV motors, wind turbines, and other advanced technologies. Recent drilling has returned promising results, with neodymium and praseodymium concentrations ranging from 500 to 2,000 parts per million, underscoring the project’s strong potential.
The company is currently executing a DDH drilling program at Lac St. Jacques. Results are anticipated in the coming months.
Management Team
Yannis Tsitos - President
Yannis Tsitos has over 35 years of experience in the mining industry, having spent 19 years with the BHP Billiton group. He has worked on projects in 32 countries including Mongolia, lived and worked in South Africa, Ecuador, Greece and the United Kingdom, and has been working in Canada since 2000. Originally a physicist-geophysicist, he left BHP in 2008, where he had the title of new business manager for Global Minerals Exploration. He has been instrumental in the identification, negotiation and execution of more than 50 exploration, joint venture, royalty, mining and commodity trading agreements over 11 different commodities with juniors, majors, as well as with state exploration and mining companies. He was the president of Goldsource Mines till its recent acquisition (July 2024) by the precious metals' producer, Mako Mining. Tsitos sits on several companies' boards as an Independent Director, has published articles in exploration and mining magazines on relevant topics and has been a strong advocate of anti-corruption policies in the mining industry.
Rana Vig - CEO and Director
Rana Vig has more than 30 years of business experience, helping launch five business ventures in the private sector. He has been involved in publicly traded companies since 2010, and from 2011 to 2016 he was the president of Musgrove Minerals, an Idaho-focused gold and copper mining exploration company. From 2013 to 2016, he was the chairman and CEO of Continental Precious Minerals, a TSX senior board listed mining exploration company with a focus on advancing one of the largest uranium deposits in the world located in Sweden. Vig was a recipient of the Senate 150th Anniversary Medal, awarded to top Canadians actively involved in their communities who, through generosity, dedication and hard work, make their hometowns and communities, a better place to live.
Norman Brewster - Director
Norman Brewster’s mineral industry career includes serving on various company boards, financing and developing the Aguas Tenidas Mine in Spain, and negotiating the purchase of the Condestable Mine in Peru. He also led the committee in reviewing the successful acquisition of Iberian Minerals by the Trafigura Group in an all-cash takeover valued at around $497.8 million.
Gurdeep Bains - Director
Gurdeep Bains is a chartered professional accountant. He received his chartered accountant designation from the Institute of Chartered Accountants of BC in 2003 and in 2004 graduated from Simon Fraser University with a Bachelor of Business Administration. From 2000 to 2005, he was a senior auditor, assurance services at KPMG.
From 2005 to 2014, Bains was with Canaccord Genuity as vice-president, internal audit and financial analysis where he was involved in the company’s global expansion by performing the due diligence and integration of $850 million in acquisitions in Canada, US, UK, Australia and China. From June 2014 to October 2017, he was the CFO at OK Tire Stores, an automotive company with over 330 locations across Canada. From October 2017 to March 2019, Bains was CFO at Zenabis, contributing in both finance and business development roles.
Regina Lara Yunes - CFO
Lara Yunes is a chartered professional accountant with a Bachelor of Technology in accounting from the British Columbia Institute of Technology. She is currently a financial reporting manager at Treewalk, providing accounting, financial reporting and compliance services to publicly listed firms. Prior to this, she worked at Smythe LLP as an accountant, offering audit and tax services to both private and public companies.
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