Carester

What Carester does

Carester SAS is a French privately-held rare earth processing company founded in 2019 and headquartered in Lyon, with operations centered on building Caremag — described as Europe's first large-scale rare earth recycling and refining facility — in Lacq, France. The company specializes in hydrometallurgical separation of rare earth elements, particularly heavy rare earths (Dysprosium and Terbium oxides, where Caremag targets ~15% of global production at full capacity) and light rare earths (Neodymium and Praseodymium oxides), producing high-purity oxides (>99.5% NdPr; >99.95% Dy) from a dual feedstock base of recycled permanent magnets and mining concentrates. Its underlying technology stack combines proprietary liquid-liquid extraction processes, patented Actinium-227 radioactivity elimination, automated battery operation, and end-of-life magnet dismantling capabilities developed at a dedicated R&D center in Vénissieux, underpinned by over 250 years of combined team expertise inherited from the former Rhône-Poulenc/Rhodia/Solvay rare earth operations.

Carester's commercial model operates on two tracks: long-term industrial oxide supply contracts under direct sales (anchored by a 10-year, 3,400+ tonne agreement with Stellantis, with additional Japanese offtake through JOGMEC/Iwatani) and project-based process design and consulting services to mining companies (BRE, Frontier Rare Earths, Malaco Mining). The company is constructing an integrated ecosystem that pairs refining at Caremag with co-located downstream metal and alloy production (LCM Europe), upstream partnerships with Solvay (La Rochelle), and multi-country feedstock offtake (USA, Brazil, South Africa, Malaysia), positioning it as a European midstream hub for non-China heavy rare earth supply. Operations are scheduled to commence in late 2026, with €296M+ of committed capital from Japanese strategic investors, the French government, InfraVia Critical Metals Fund, and USA Rare Earth supporting the buildout.

Name

Carester

Legal name

Carester SAS

Website

https://carester.fr

Company type

Private

Founded year

2019

Headcount range

1–10 employees

Short description

Carester is a French rare earth processor building Caremag, Europe's first large-scale rare earth recycling and refining facility in Lacq, France, producing neodymium, praseodymium, dysprosium, and terbium oxides from recycled magnets and mining concentrates for automotive, wind energy, and electronics customers.

Ownership category

akta.pro rank

Product category

Rare Earth Processing and Recycling

NAICS

Materials Recovery Facilities (56292)

SIC

Services-Commercial Physical & Biological Research (8731)

akta.pro primary industry

Rare Earths Separation & Refining (Oxides/Metals) (IMAKAFAH)

akta.pro secondary industry

Rare Earths Mining & Concentrates (REE Ores) (IMAKAFAG)

Keywords

• Rare earth refining
• Rare earth recycling
• Magnet recycling
• Hydrometallurgical processing
• Rare earth oxides

Headquarters

HQ city

Lyon

HQ country

France

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Supply Chain

Revenue model

1. Rare Earth Oxide Sales (Recycled + Mining Concentrates): Carester generates revenue primarily through the sale of high-purity rare earth oxides (neodymium, praseodymium, dysprosium, terbium) produced at the Caremag facility from both recycled permanent magnets and mining concentrates. This is structured through long-term supply contracts such as the 10-year agreement with Stellantis for over 3,400 tonnes of oxides.
2. Process Design and Consulting Services: Carester provides specialized expertise to mining companies in the analysis and design of rare earth production lines, from exploratory studies to start-up support and operational optimization. Revenue is generated through project-based consulting engagements.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Carester operates the Caremag facility in Lacq, France—Europe's first large-scale rare earth recycling and refining plant—producing high-purity rare earth oxides (NdPr Didymium, Neodymium, Dysprosium, and Terbium) from both recycled permanent magnets and mining concentrates. The company also sells specialized process design, consulting, and proprietary technology services (radioactivity elimination, AI-driven battery automation) to mining companies seeking to develop and optimize rare earth production lines.

Product overview

Carester is a French rare earth processing company offering a integrated portfolio of products and services. The core offering centers on Caremag, Europe's first large-scale rare earth recycling and refining facility in Lacq, France, which produces four rare earth oxide products (Didymium/NdPr, Neodymium, Dysprosium, and Terbium oxides) from both recycled permanent magnets and mineral concentrates. Complementing the manufacturing operations, Carester provides specialized consulting services including process design and development for mining companies, radioactivity elimination technology, and AI-powered automated battery operation systems. The company also operates a Dismantling Development Center for extracting magnets from end-of-life equipment. This combination of industrial production and technical expertise positions Carester as a full-service rare earth processing partner.

Differentiator

Problem solved

Functional benefit

Products and services

• Caremag Rare Earth Recycling and Refining Plant Europe's first large-scale rare earth recycling and refining facility located in Lacq, France, producing high-purity rare earth oxides from recycled permanent magnets and mineral concentrates. The plant will recycle 2,000 tonnes of magnets and refine 5,000 tonnes of mining concentrates annually, producing 600 tonnes of Dysprosium/Terbium oxides (~15% of global production) and 800 tonnes of NdPr oxides, while avoiding liquid effluents and recycling over 80% of direct CO2 emissions.
• Didymium Oxide (NdPr) High-purity Didymium (Neodymium-Praseodymium blend) oxide produced at the Caremag facility with annual capacity of 650 tonnes at >99.5% purity. Used as a feedstock for neodymium-iron-boron (NdFeB) permanent magnets in electric vehicle motors, wind turbine generators, electronics, and industrial applications.
• Neodymium Oxide High-purity Neodymium oxide produced at the Caremag facility with annual capacity of 150 tonnes. Used in NdFeB permanent magnets for electric vehicles, wind turbines, electronics, and high-tech industrial applications.
• Dysprosium Oxide High-purity heavy Dysprosium oxide produced at the Caremag facility with annual capacity of 500 tonnes at >99.95% purity. Essential additive for high-performance NdFeB permanent magnets used in electric vehicle traction motors, wind generators, defense applications, and high-temperature industrial uses.
• Terbium Oxide High-purity heavy Terbium oxide produced at the Caremag facility with annual capacity of 90 tonnes. Critical for high-performance NdFeB permanent magnets used in green technology (EVs, wind) and defense systems, where it enhances thermal stability and magnetic performance at high temperatures.
• Process Design and Development Services for Mining Companies Expert consulting services for mining companies covering the design, development, and optimization of rare earth production processes, from exploratory studies through to start-up support and operational optimization. Delivered by Carester's team of rare earth chemistry veterans with experience from former Rhône-Poulenc/Rhodia/Solvay operations, offering customized high-performance solutions that minimize environmental impact.
• Radioactivity Elimination Services Proprietary patented processes for effectively removing radioactive elements—particularly Actinium-227—from rare earth solutions derived from leaching operations. The technology is more cost-effective than existing methods and avoids generating waste that requires radioprotection measures. Offered as a service to mining companies and applied within Carester's own Caremag operations.
• Automated Battery Operation Service (AI-Driven Process Automation) AI-powered tools and services for automating the operation of liquid-liquid extraction batteries used in rare earth purification, with the goal of achieving autonomous, real-time optimized operation. The system is designed to optimize processes while minimizing carbon footprint and will be deployed at the Caremag plant.
• Dismantling Development Center (End-of-Life Magnet Recycling) Engineering and recycling services for extraction and demagnetization of NdFeB permanent magnets from end-of-life equipment (motors, rotors, stacks, EV drivetrains, electronics), located in Vénissieux, France. The center has dismantled nearly 4,000 pieces of equipment, creating a unique database that feeds feedstock into the Caremag refining process.

Quantifiable outcome

• CO2 emissions reduction vs. conventional rare earth refining processes
• +4 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Less Common Metals (LCM Europe)coreStrategic or Co-development Partner · 10 April 2026USA Rare Earth's subsidiary Less Common Metals (LCM) Europe is developing a 3,750 metric ton per annum rare earth metal and alloy production facility co-located with Carester's Caremag plant in Lacq, France. The facility will process rare earth oxides from Caremag into metals and alloys for magnet manufacturing, establishing a fully integrated European rare earth processing platform.
• Frontier Rare EarthsminorStrategic or Co-development Partner · 5 February 2026Frontier Rare Earths signed a Technology Supply and Offtake Agreement with Carester for its Zandkopsdrift rare earths project in South Africa's Northern Cape Province. Carester will supply separation technology and process future offtake at its Caremag facility, addressing the critical midstream bottleneck in rare earths development.
• Torngat MetalsminorStrategic or Co-development Partner · 31 October 2025Torngat Metals and Carester signed a 10-year offtake agreement for the supply of partially separated heavy rare earths (dysprosium and terbium) for use in France. The agreement supports the development of the Caremag plant and strengthens long-term supply chain collaboration for responsible rare earth production.
• Brazilian Rare Earths Limited (BRE)minorStrategic or Co-development Partner · 9 October 2025BRE and Carester signed a binding 10-year heavy rare earth offtake agreement under which Carester will purchase up to 150 tpa of contained dysprosium and terbium from BRE to process at its Caremag facility in France. Carester will also provide engineering and technical services for BRE's planned rare earth separation plant at the Camaçari Petrochemical Complex in Bahia, Brazil.
• Malaco MiningminorStrategic or Co-development Partner · 1 July 2025Malaco Mining Sdn Bhd partnered with Carester to develop a pilot plant for processing rare earth elements in Malaysia, sourcing raw feedstock from local Malaysian deposits. The collaboration is part of a Malaysia-France strategic partnership to develop Malaysia's rare earth refining capabilities and downstream magnet manufacturing, with technology transfer as a key objective.
• StellantiscoreOthers · 30 September 2024Carester signed a 10-year sales agreement with Stellantis for the supply of over 3,400 tonnes of neodymium, praseodymium, dysprosium, and terbium oxides from the Caremag facility at Lacq, France. 36% of supply is sourced from recycled magnets. The contract validates Carester's unique positioning combining magnet recycling and mining concentrate processing.
• SolvaycoreStrategic or Co-development Partner · 8 March 2024Carester and Solvay signed a memorandum of understanding to create a strategic partnership combining Solvay's industrial know-how and technology with Carester's magnet recycling expertise and upstream market knowledge. The partnership aims to develop a European rare earth cluster for permanent magnets, with Solvay's La Rochelle facility complementing Carester's Lacq unit.

Scale indicators8 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Lynas Rare Earths: Lynas is the world's largest non-Chinese producer of separated rare earth materials, operating the Mt Weld mine (Australia) and Kalgoorlie and LAMP processing facilities. It is the closest direct competitor to Carester in supplying NdPr and heavy rare earth oxides to OEM customers outside China, and competes head-to-head with Caremag for European and Japanese EV/wind offtake contracts.
• REEtec: REEtec is a Norwegian rare earth separation company using a proprietary continuous ion chromatography process to produce separated NdPr and Dy oxides from European and African concentrates. It is one of the few European-headquartered competitors building non-Chinese heavy rare earth separation capacity and competes with Caremag for European OEM supply contracts.
• USA Rare Earth: USA Rare Earth owns the Round Top heavy rare earth deposit in Texas and acquired a 12.5% strategic stake in Carester in April 2026 alongside a 15-year offtake agreement. It is simultaneously a feedstock partner and a competing non-Chinese rare earth project, making it one of Carester's closest strategic counterparts.
• MP Materials: MP Materials operates the Mountain Pass mine and processing facility in California, the only scaled rare earth mining and initial processing operation in the United States. It is moving downstream into separated NdPr oxide and magnet alloy production, making it the most direct North American analog to Carester's integrated recycling + concentrate + separation model.

Emerging players

• Cyclic Materials: Cyclic Materials is a Canada-based rare earth recycling company operating a hydrometallurgical 'REEtec'-style process to recover NdPr, Dy and Tb oxides from end-of-life magnets and EV motors. It targets similar recycled feedstock streams as Carester's Caremag and represents an emerging North American/European competitor in magnet-to-oxide recycling.
• HyProMag: HyProMag is a UK-based rare earth magnet recycler developing hydrogen-based processing of end-of-life NdFeB magnets. It is one of the few European players competing with Carester's Vénissieux Dismantling Center in the end-of-life magnet recycling segment that feeds Caremag's recycled-oxide production.
• Energy Fuels: Energy Fuels is a US critical minerals producer that has built a rare earth processing platform at its White Mesa Mill in Utah, producing separated NdPr and is developing heavy rare earth (Dy, Tb) separation. It is a North American emerging competitor in the same non-Chinese rare earth separation space as Carester.
• Innovation Metals Corp. (RapidSX): Innovation Metals Corp. developed the RapidSX solvent extraction technology for separating rare earths and other critical metals more efficiently than conventional liquid-liquid extraction. Its technology is comparable to Carester's core hydrometallurgical separation approach and positions it as a technology peer in the non-Chinese rare earth separation landscape.
• Less Common Metals (LCM Europe): Less Common Metals is a UK-based producer of rare earth metals and alloys used in permanent magnets, with its LCM Europe subsidiary co-locating a 3,750 t/y metal and alloy plant at Carester's Caremag site. It is the downstream vertical-integration partner of Carester — converting Caremag's oxides into magnet-ready metals and alloys.

Broad incumbents

• Solvay: Solvay operates the La Rochelle rare earth separation facility in France — historically the European benchmark for rare earth separation and the former employer of most of Carester's senior team. Carester has an active MOU with Solvay to build a joint European rare earth cluster, and Solvay is both a strategic partner and the established incumbent that Carester partially inherits operational lineage from.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat6 records

Key risks7 records

Key highlights8 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carester