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Initiatives activesProjet 05Pré-construction

Terraform America

Une plateforme de valorisation du charbon en terres rares, convertissant les ressources charbonnières américaines en indépendance sur les minéraux critiques.

Pré-constructionBassin des Appalaches, États-UnisMinéraux critiques · Terres rares

Investissement total
$375M
Revenus projetés
≈ $400M
Emplois directs et soutenus
5,000+

Investment and employment figures are sponsor-stated project plans; revenue is a modelled projection. Figures are not audited.

Aperçu et thèse de marché

Rare earth elements are indispensable to permanent magnets, defense systems, EV drivetrains, wind turbines, and electronics — and while the U.S. mines some ore, it remains dependent on foreign processing, which China controls at roughly 85–90% of global separation capacity. The vulnerability is not extraction; it is the midstream, where value and leverage concentrate.

The Appalachian feedstock changes the equation. U.S. coal and coal-ash deposits are estimated to contain roughly 11 million tons of rare earths — nearly eight times known conventional domestic reserves — with an estimated in-place value of $8.4 billion. Recovering rare earths from coal waste requires no new mining, monetizes an existing environmental liability, and can qualify for remediation, reclamation, and energy-community incentives.

The technology has matured from laboratory to pilot to commercial readiness, and federal capital is following. In July 2026 the Department of Energy awarded $75 million to five coal-to-critical-minerals projects, signalling the move from research to build-out. The resource is quantified, the process is proven, and full-supply-chain platforms — feedstock through separated oxides — remain scarce.

Terraform America is structured as an integrated operator — feedstock sourcing, rare-earth recovery, mineral processing, coal sales, and commercialization under one platform — sited in the Appalachian Basin where feedstock, skilled workforce, and community need coincide. Early integrated operators will define the domestic market before it consolidates.

Thèse d’investissement, risques et politiques

Investment highlights
  • Coal-ash feedstock holds ~11M tons of rare earths — ~8× known reserves
  • No new mining — monetizes an existing environmental liability
  • DOE awarded $75M to coal-to-critical-minerals projects (Jul 2026)
  • Integrated feedstock-through-separated-oxides platform
Risk & mitigants
  • Commercial-scale process yieldPiloted technology; DOE co-funding de-risks scale-up
  • REE price volatilityGovernment offtake interest and premium for domestic separated oxides
  • Permitting / environmentalWaste-remediation framing and reclamation credits ease permitting
  • Feedstock logisticsSited in the Appalachian Basin adjacent to feedstock
Incentive & policy alignment
  • DOE coal-to-critical-minerals awards$75M awarded across five projects (Jul 2026)
  • Energy-community & reclamation creditsEnhanced credits for Appalachian energy communities and remediation
  • §45X & DPA Title IIIProduction credit and defense-supply support for separated oxides

Program eligibility, availability, and terms vary by siting and are subject to confirmation with the responsible authority.

Additionality — the but-for case

Coal-to-rare-earth recovery reaches commercial scale only with the public co-funding and permitting framework now in place; without it, the resource stays in the ground and processing stays offshore.

Community & local benefit
  • Energy-community jobs and just-transition workforce pathways
  • Environmental remediation of legacy coal waste
  • Local procurement and community-benefit commitments
How to engage
  1. 1Introductory call and mutual NDA.
  2. 2Access to the full data room, model, and feasibility materials.
  3. 3Structured term discussion — milestones, clawbacks, and community-benefit terms built in.
Contact the Terraform America deal team →

Plan opérationnel et déploiement du capital

Operational Plan

Indicative programme · 20262027
Activity
20262027
123456789101112123456789101112
01Feedstock Sourcing
02Rare Earth Recovery
03Mineral Processing
04Coal Sales
05Logistics & Commercialization

Capital Plan

Indicative allocation · pending feasibility
$375M
Total Investment
≈ $400M
Projected Annual Revenue
1.1×
Revenue Multiple on Capital
Site, Land & Construction38%$143M
Plant, Equipment & Process30%$113M
Engineering & Development12%$45M
Working Capital & Commissioning11%$41M
Contingency & Financing9%$34M
Total capital plan$375M

Finances, impact et rendements

Illustrative modelHeadline figures (investment, revenue, jobs) are real. Economic-impact, credit, and valuation metrics below are derived from those figures using research-informed assumptions and are planning illustrations, not guarantees. Methodology draws on the sources listed at the foot of this briefing.

$128MEBITDAillustrative
32%EBITDA marginillustrative
$1.15BEnterprise valueillustrative
1.40×Min DSCRillustrative
24%Levered IRRillustrative
3.0×MOICillustrative
For economic-development offices

Economic & fiscal impact

Jobs decomposition
2,381 direct2,619 supported2.1× employment multiplier
Average wage vs. U.S. average
$74K / yr112% of U.S. average · verify vs. county average at siting
$11MEst. annual tax revenueproperty + income + sales
$75KCapital per job
1,125Construction job-years
112%Wage vs. U.S. average
For lenders & bond buyers

Capital structure & credit

Sources of capital
$244M debt$131M equity65% loan-to-cost
Debt-service coverage (DSCR)
1.40× minimum1.30× covenant · scale 1.0–2.0×
AaShadow ratingillustrative
50%Revenue contracted / offtake
12 moDebt-service reserve
HighRisk tier
For investors & bankers

Valuation & returns

$128MEBITDA (32% margin)
×
9×EV / EBITDA
=
$1.15BEnterprise value
24%Levered IRRillustrative
3.0×MOICillustrative
$14MEst. gross fee pool
EV / EBITDA
Exit routes (probability-weighted)
  • Strategic acquisition55%9× EBITDA
  • IPO25%3× revenue
  • Sponsor sale20%8× EBITDA
Projection · illustrative

Revenue ramp to stabilization

Illustrative ramp from commissioning to stabilized annual revenue of ≈ $400M. Actual profile depends on construction, offtake, and market conditions.

Portfolio context

Against the platform portfolio

  • Helix Build$500M
  • Aurofirm$400M
  • Terraform America$375M
  • The Saint Plaza$350M
  • Aurela Village$300M
  • Circuit Talos$250M
  • Nereus Aquaculture$100M

Total investment across the seven platforms — this platform highlighted.

Research

Sources & references

External links open third-party sites provided for reference only; inclusion implies no endorsement. Figures should be verified against primary sources and confirmed by feasibility study.

Illustrative modelSources & uses, sensitivity, and comparable multiples are derived from the base-case assumptions and sector benchmarks for demonstration; they are not guarantees and are subject to diligence and feasibility.

Sources & uses of capital
Sources
Senior project debt65% loan-to-cost$244M
Sponsor & co-invest equity35% of capitalization$131M
Total sources$375M
Uses
Site, Land & Construction38%$143M
Plant, Equipment & Process30%$113M
Engineering & Development12%$45M
Working Capital & Commissioning11%$41M
Contingency & Financing9%$34M
Total uses$375M
Return sensitivity
MetricDownsideBaseUpside
Levered IRR17%24%29%
MOIC2.4×3.0×3.5×
Min DSCR1.20×1.40×1.65×

Downside / upside bracket the base case for demonstration; actual ranges depend on price, offtake, cost, and schedule.

Comparable multiples
  • Rare-earth & critical-mineral processors8–12× EV/EBITDA
  • Specialty separation & chemicals9–12× EV/EBITDA
  • This platform — modeled9× EV/EBITDA

Sector ranges are illustrative reference benchmarks, not specific transactions.

Salle de documentation

Confidential Investment BriefPDF · 2.4 MB · Jul 1, 2026S’inscrire pour accéder
Financial Model & Capital PlanXLSX · 1.1 MB · Jun 24, 2026S’inscrire pour accéder
Market & Policy AnalysisPDF · 3.6 MB · Jun 18, 2026S’inscrire pour accéder
Terraform America — Minéraux critiques · Terres rares — Applied America