ASHLAND, Kentucky (WSAZ) – On Sunday, Braidy Industries, Inc. and the London-listed En + Group plc announced a letter of intent for a potential $ 200 million investment in the Braidy United Atlas plant to RUSAL company.
The Russian company Rusal is the world's largest producer of aluminum outside of China.
With this partnership, the company will create 1
According to a press release, Braidy Atlas will contribute $ 2.8 billion to the Commonwealth of Kentucky and $ 15.44 billion to East Kentucky by 2021, citing a recent study on its impact on the economy  In return for their investment, Rusal will hold a 40 percent stake in the project. The company will be Braidy's exclusive supplier of low-carbon aluminum.
According to a press release, the partnership aims to create the world's first rolling mill for low carbon aluminum rolling mills. As a result, Braidy will also have the opportunity to be the first company to work 100 percent with low-carbon resources on a permanent basis.
"In 2021, Braidy Atlas will award the world's largest primary billet roll order," said Chairman and CEO Craig Bouchard, "This partnership ensures that Braidy's requirements are met with the latest, high-quality, low-carbon capacity Without Rusal, we could not build an environmentally conscious mill of this size. "
Braidy Atlas is the first new greenfield rolling mill in the US for 37 years.
"We have a perfect strategic partnership Basically the most cost-effective aluminum, the highest quality aluminum with the lowest carbon footprints in our industry, I can not be proud of our team and it's a fantastic day for us," said Bouchard.
The Memorandum of Understanding becomes official as soon as it is approved by the respective Boards of Directors of both companies.