Energy Fuels Buys German Magnetics Firm Vacuumschmelze for $1.90 Billion

Key Facts

1Energy Fuels is acquiring German magnetics firm Vacuumschmelze for $1.90 billion as part of its mine-to-magnet vertical integration strategy.

Amid a global race to secure rare earth supply chains, Energy Fuels (UUUU) has announced the $1.90 billion acquisition of German magnetics firm Vacuumschmelze. The deal is part of a 'mine-to-magnet' vertical integration strategy aimed at reducing foreign dependence and building a fully integrated supply chain. According to reports, CEO Ross Bhappu is leading the move, which ranks among the largest M&A transactions in the rare earth sector.

The acquisition comes as world efforts accelerate to cut reliance on China for rare earths, with industry estimates projecting permanent magnet demand to grow at a compound annual rate exceeding 10% over the next decade. Following the announcement, Roth Capital raised its price target on UUUU to $16, reflecting cautious optimism about the strategic integration.

Energy Fuels shares closed at $15.47 on June 23, 2026, trading within a session range of $15.31-$16.49, aligning with Roth Capital's updated target. Going forward, investors will focus on deal financing details and expected regulatory approvals, which will determine the success of the ambitious integration plan.