Molycorp puts money into Boulder Wind Power
GREENWOOD VILLAGE, Colo. -- Molycorp Inc., a rare-earth mining company operating a mine near the Nevada-California boundary, said on Tuesday that it is investing in Boulder Wind Power, which has designed a wind turbine generator powered by a rare-earth magnet.
Molycorp did not disclose the size of its investment in the series B convertible preferred stock, but said it was part of an effort by Boulder Wind Power that raised $35 million. Molycorp said it was using cash for the investment.
Boulder, Colo.-based Boulder Wind Power is privately held and backed by venture capital, Molycorp said.
It said Boulder Wind Power's design allows for magnets that don't need the mineral dysprosium, which is scarce. The development plus other designs of the company should allow it to produce power competitively with power made from fossil fuels, Molycorp said.
Molycorp operates the rare earths mine at Mountain Pass, Calif., roughly 60 miles from Las Vegas.
