Oxaquim strengthens its strategic commitment to the EU
Oxaquim has taken another step to strengthen its strategic commitment to the countries of the European Union, with the common goal of working for a future and a decarbonized economy and, therefore, a more sustainable, clean and green one.
Working to achieve these objectives means, for our Continent, having the necessary autonomy throughout the value chain linked to rare earth elements and other strategic sectors, as the European Commission has recently recognized. (1)
And here the role of Oxaquim, as the only strategic European producer and second in the world of oxalic acid, is decisive given its ability to purify this group of 17 specialized metals, known as rare earth elements, vital for the manufacture of engines for electric cars, microprocessors, windmills… and other high-tech applications. Based on their relevance, the demand for rare earths elements is expected to increase worldwide.
According to this same EC document, China currently satisfies 98 percent of the demand for rare earth elements. Thanks to the anti-dumping that the EU once imposed against China and India, today Oxaquim can contribute to the goal of achieving the desired and growing autonomy in the value chain, and not compromising the economic future of the Union.
Oxaquim, for its part, has already guaranteed that it will supply EU companies with all the oxalic acid they need to maintain their leadership position in the face of the great challenges of the future, such as the economic transition, new mobility and the fight against climate change.
In this sense, the company has carried out a capital increase of one million euros, subscribed by the current shareholders. Resources that, together with Oxaquim’s usual practice of reinvesting profits, will be used to increase production, R&D&I, continue to improve technology, quality and respect for the environment during manufacturing.