(RTTNews) - TETRA Technologies, Inc. (TTI), an energy services and solutions company, on Tuesday announced it has signed a term sheet to form a joint venture with Magrathea Metals, Inc. for undisclosed terms.
The companies intend to combine Magrathea's process technology with TETRA's operational capabilities and magnesium resource base in Southwest Arkansas.
The partnership aims to rebuild the U.S. magnesium metal defense industrial base at its Evergreen Project in Southwest Arkansas, where a bromine production facility is expected to produce 75 million lbs. annually beginning in late 2027.
The company also plans to extract additional critical minerals, including lithium and magnesium, from the same brine resource.
Magrathea has secured Defense Production Act Title III funding from the Department of War to support its Commercial Phase 1 deployment, planned for the Evergreen Project.
President and CEO Brady Murphy said that the proposed partnership advances its ONE TETRA 2030 strategy and supports national efforts to establish secure domestic supplies of critical minerals.
On Monday, TETRA Technologies closed trading 0.77% lesser at $7.71 on the New York Stock Exchange.
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