Vancouver, BC, Canada, May 30, 2024–TheNewswire – First Tellurium Corp. (CSE:FTEL, OTC:FSTTF), reports it has reached a Memorandum of Understanding ("MOU") with Washington, DC-basedRESOLVE, Inc., a global non-governmental organization (NGO) focused on people and planet solutions, to secure up to approximately US$29 million (CDN$39.5 million) in funding for manufacturing and marketing as well as acquisition of high-purity tellurium, antimony and other critical metals for First Tellurium’s PyroDelta thermoelectric device (reported previously onMay 22,March 21andMarch 13).
"RESOLVE’s mission is to forge sustainable solutions to critical social, health, and environmental challenges by creating innovative partnerships," said First Tellurium’s President and CEO Tyrone Docherty. "This new venture aligns perfectly with that mission."
RESOLVE andPyroDelta Inc., in which First Tellurium currently holds a 75% interest, have formed a partnership called Tellurium Electric to bring the thermoelectric device to market. Under the MOU, RESOLVE will provide governance, administrative, and fundraising support through RESOLVE Enterprises, the organization’s incubator for start-up social enterprises, as well asRegeneration Inc., which re-mines and restores old mine tailings to extract minerals critical for the energy transition and the circular economy. Regeneration is backed by Rio Tinto, Apple, Caterpillar and other partners. A number of Regeneration’s first projects are expected to produce tellurium from copper tailings or as byproduct, which would be used for manufacturing of the PyroDelta device. Additional critical metals would be obtained on the open market.
"This is a huge step forward for us in developing new tellurium-based technologies," said Docherty. RESOLVE is a highly respected NGO, and they provide us with an established and powerful network of relevant policy, political and funding connections, including the US Government, world-leading mining companies and green investors, to help realize the potential of the PyroDelta device."
Manufacturing, marketing and sales of the device have been planned in three stages and funding segments over three years, the first of which is expected to launch near-term with an expected budget of US$1.05 million across approximately 18 months. Phases 2 and 3 are budgeted at US$3.0 million and US$15-25 million respectively.
"I believe the incubation and growth of Tellurium Electric is in the best hands possible," said Docherty. "RESOLVE and its associated partners have the skills, knowledge and networks we’ve been looking for. We will essentially be silent partners, letting RESOLVE do what they do best while we develop our own mineral projects."
Docherty added, "I want to acknowledge the generous support from our Strategic Partner Don Freschi and Fenix Advanced Materials of Trail BC, who donated several kilograms of high-purity tellurium and bismuth to launch the project."
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