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进行中的计划项目 05施工前

Terraform America

煤炭转稀土矿物平台,将美国煤炭资源转化为关键矿产的自主保障。

施工前阿巴拉契亚盆地,美国关键矿产 · 稀土

总投资
$375M
预计收入
≈ $400M
直接及带动就业
5,000+

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

概览与市场论点

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.

投资逻辑、风险与政策

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 →

运营计划与资本部署

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

财务、影响与回报

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.

文档资料室

Confidential Investment BriefPDF · 2.4 MB · Jul 1, 2026注册以获取访问权限
Financial Model & Capital PlanXLSX · 1.1 MB · Jun 24, 2026注册以获取访问权限
Market & Policy AnalysisPDF · 3.6 MB · Jun 18, 2026注册以获取访问权限
Terraform America — 关键矿产 · 稀土 — Applied America