lyc /USA rare earths LLC way ahead
Texas Mineral Resources Files Preliminary Proxy Statement
Press Release | 07/01/2020
SIERRA BLANCA, TX, July 01, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Texas Mineral Resources Corp. (OTCQB: TMRC):
· USA Rare Earth LLC, the Round Top development and funding partner, is in advanced discussions to secure financing to complete the project Definitive Feasibility Study and through to mine construction
· TMRC board has approved acceleration of the funding and development agreement and is asking shareholders to ratify the 2019 amended and restated agreement with USA Rare Earth
Texas Mineral Resources Corp. (TMRC), an exploration company targeting the heavy rare earths, technology metals and a variety of industrial minerals, has filed a preliminary proxy statement seeking shareholder ratification of the amended and restated August 2019 option agreement with USA Rare Earth to fund the development of the Round Top project. Upon further review by counsel and in light of the current USA Rare Earth plans to raise capital and expedite progress on the development of the Round Top project, TMRC believes this ratification is in the Company’s best interest.
Since USA Rare Earth entered into the Option Agreement with TMRC in August 2018, USA Rare Earth has funded the upgraded 2019 PEA, established a critical minerals processing facility in Wheat Ridge, Colorado, acquired the only rare earth magnet manufacturing equipment in the Americas, and paid all the carrying costs for the Round Top project. USA Rare Earth has also maintained a high-level of engagement with government agencies and potential commercial customers and has assembled an experienced world-class critical minerals and mining technical team.
In order to assist USA Rare Earth in completing the potential capital raise, the TMRC board of directors has approved the acceleration of the funding and development agreement with USA Rare Earth. The economic terms of the original Agreement between the companies has not changed, rather the timeline for USA Rare Earth to earn its initial 70% ownership of Round Top has been accelerated. Pursuant to this acceleration, USA Rare Earth, in accordance with the 2019 option agreement, can acquire 70% of the Round Top project by immediately funding the joint venture between the companies with the difference between the $10 million it is obligated to spend to advance the project and the amounts it has spent to date. TMRC has engaged an outside mining consultant to audit the expenditures to date. In addition, and in accordance with the 2019 option agreement, USA Rare Earth can acquire an additional 10% of the Round Top project by immediately making a cash payment of $3 million to TMRC. TMRC will continue to be a joint venture partner of USA Rare Earth, owning not less than 20% of the Round Top project in addition to its 100% ownership of its American Mineral Reclamation subsidiary.
“USA Rare Earth is advancing rapidly towards its goal of bringing Round Top into production and establishing a resilient, 100% domestic supply chain for rare earth magnets, as well as its longer-term goal to establish a comparable mine-to-battery supply chain,” said Anthony Marchese, TMRC Chairman. “USA Rare Earth has gone beyond the scope of what was initially anticipated in the joint venture with TMRC. We believe it is in the best interest of TMRC’s shareholders for USA Rare Earth to be well funded as it drives the Round Top project forward. Our partnership with USA Rare Earth has been highly beneficial to the project and our shareholders.”
About Texas Mineral Resources Corp.
Texas Mineral Resources Corp.'s focus is to develop and commercialize its Round Top heavy rare earth, technology metals, and industrial minerals project located in Hudspeth County, Texas, 85 miles southeast of El Paso. Additionally, the Company plans on developing alternative sources of strategic minerals through the processing of other materials. The Company’s common stock trades on the OTCQB U.S. tier under the symbol “TMRC.”
USA Rare Earth LLC Announces 100% Renewable Energy Plan for Round Top Mountain Rare Earth and Critical Minerals Project in West Texas
GlobeNewswireJuly 21, 2020, 8:30 PM
CEO: USA Rare Earth Commits to Producing “Clean, Green Energy Materials” Using a “Clean, Green Process” and Being a Net Provider of Clean Energy
New York, NY, July 21, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- USA Rare Earth, LLC, the funding and development partner of the Round Top Heavy Rare Earth and Critical Minerals Project in West Texas together with Texas Mineral Resources Corp. (OTCQB: TMRC), is pleased to announce its commitment to power operations at its Round Top Heavy Rare Earth & Critical Mineral Project in Hudspeth County, West Texas with 100% renewable energy.
West Texas is widely recognized as one of the best places in the world for solar power. Hudspeth County reports 292 days of sunshine a year with annual average sunshine of approximately 10 hours per day. The flatlands to the north and west of Round Top Mountain are at an elevation of approximately 4,000 feet. The National Renewable Energy Laboratory (U.S. Department of Energy) reports annual average daily solar irradiance of more than 5.5kWh/m2/day for southwest Texas, ranking the Round Top area in NREL’s top category for solar irradiance (see https://www.eia.gov/energyexplained/solar/where-solar-is-found.php).
USA Rare Earth estimates it will require approximately 15 MW to support mining and processing, which it estimates will require a solar farm of approximately 45 acres. This could increase if the Company decides to relocate its sintered neo magnet manufacturing facility and associated infrastructure to the Round Top Mountain site. For perspective, the Round Top concession covers more than 60,000 acres of surface leases and land options.
“With more than 60% of the materials produced at Round Top being used in clean-tech and green-tech applications, we are now committing to extend that clean-green approach into how we design and operate the Round Top Mine,” said Pini Althaus, CEO of USA Rare Earth. “Our 100% renewable energy plan means that USA Rare Earth will be producing materials for clean, green, renewable applications – using a process that employs clean, green, renewable power. In addition to powering our project, our approach will enable us to be a net provider of clean energy.”
Mr. Althaus continued: “For too long, consumers in the U.S. and other industrial democracies have been sold a green fairy tale: the electrical vehicles we drive, the laptops and smart phones we use may be clean and green, but what we are not told is that the materials mined and processed to make them often come from Chinese facilities that cause terrible pollution locally, destroy villages, harm the lives of the workers who produce them, have made the inhabitants in surrounding areas sick, and contribute to global pollution. It’s an open secret that China employs processes that would never be tolerated in the U.S. and other industrial democracies – processes that persist, despite China’s claims it is cleaning up its rare earth and critical mineral industries.”
“This hypocrisy has got to end. We are seeing multi-national corporations becoming ever more conscious of where they are sourcing their rare earths and battery materials. With today’s announcement, USA Rare Earth is making it clear – there’s a better way, a cleaner way, to produce clean and green materials using a clean, green process, without harming the environment and surrounding communities. The development of the Round Top project and other domestic rare earth projects is not just about the national security, economic and manufacturing issues that require immediate action to reestablish an independent supply chain, it is also about the United States and industrial democracies leading the way to ensure these critical materials are produced in an environmentally responsible manner,” Mr. Althaus added.
Separation of the REEs and critical minerals extracted from the Round Top deposit will be accomplished using an environmentally benign, energy efficient process. USA Rare Earth’s mine-to-magnet strategy to produce sintered neo magnets using feedstock from Round Top, recycled electronic scrap and process waste, and other NTIB-nation mines, is well advanced. USARE intends to establish a similar mine-to-battery approach for the lithium contained at Round Top.
As with any renewable energy source, Round Top Mountain will require either energy storage or trading, supplying excess energy to the grid balanced by drawing power at night and during the region’s infrequent periods of low irradiance.
About USA Rare Earth, LLC
USA Rare Earth, LLC has an option to earn and acquire an 80% interest in, and is the operator of, the Round Top Heavy Rare Earth and Critical Minerals Project located in Hudspeth County, West Texas from Texas Mineral Resources Corp. (TMRC: OTCQB).
As much as 60% of revenues are expected to be from lithium for electric vehicle batteries and power storage systems, and neo magnet rare earths used in electric motors, wind turbines and a wide range of consumer goods.
The Preliminary Economic Assessment (dated August 16, 2019) projects a pre tax net present value using a 10% discount rate of $1.56 billion based on a 20-year mine plan that is only 13% of the identified measured, indicated and inferred resources. The PEA estimates an internal rate of return of 70% and average annual net revenues of $395 million a year after average royalties of $26 million a year payable to the State of Texas. Based on the cost estimates set forth in the PEA, Round Top would be one of the lowest-cost rare earth producers, and one of the lowest cost lithium producers in the world. The Round Top Deposit hosts 16 of the 17 rare earth elements, plus other high-value tech minerals (including lithium) and is well located to serve the US internal demand. In excess of 60% of materials at Round Top will be used directly in green or renewable energy technologies. Round Top contains 13 of the 35 minerals deemed “critical” by the Department of the Interior and contains critical elements required by the United States, both for national defense and industry. For more information about USA Rare Earth, visit www.usarareearth.com.
U.S. Orders China to Close Houston Consulate, Citing Efforts to Steal Trade Secrets
The Trump administration accused Chinese citizens of stealing scientific research and told the country’s diplomats in Texas to leave. Beijing warned it would retaliate.
U.S. officials said they had ordered the closure of the Chinese Consulate in Houston in response to repeated violations of American sovereignty.
U.S. officials said they had ordered the closure of the Chinese Consulate in Houston in response to repeated violations of American sovereignty.Credit...Steve Campbell/Associated Press
Edward WongLara JakesSteven Lee Myers
By Edward Wong, Lara Jakes and Steven Lee Myers
July 22, 2020
Updated 4:04 p.m. ET
WASHINGTON — The United States has abruptly ordered China to close its diplomatic consulate in Houston by Friday, accusing diplomats of aiding a nationwide pattern of economic espionage and attempted theft of scientific research, as part of a sharp escalation in the Trump administration’s moves against China.
China vowed to retaliate, calling the move illegal. Hours after the administration issued its order to the ambassador on Tuesday, consulate employees burned papers in open metal barrels in a courtyard of the Houston building, prompting police officers and firefighters to rush to the area.
President Trump’s campaign strategists, anxious about his failures on the pandemic, have been rolling out a blanket anti-China message to appeal to his supporters in recent weeks.
Secretary of State Mike Pompeo, who has been aggressively pushing that message, said on Wednesday at a news conference in Copenhagen that the Trump administration is “setting out clear expectations as to how the Chinese Communist Party is going to behave.” He warned that when they didn’t, the United States would “take actions” to protect its interests.
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The State Department described the Chinese actions as “massive illegal spying and influence operations,” but provided limited details.
David R. Stilwell, who oversees policy for East Asia and the Pacific at the State Department, said some of China’s attempted scientific thefts in the United States had accelerated over the last six months, and could be related to efforts to develop a vaccine for the coronavirus, although he did not present evidence of that.
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He said the Houston consul general, the top Chinese official there, and two other diplomats were recently caught having used false identification to escort Chinese travelers to the gate area of a charter flight in George Bush Intercontinental Airport. He described the Houston consulate, which he said “has a history of engaging in subversive behavior,’’ as the “epicenter” of research theft by the Chinese military in the United States, without giving details to support that assertion.
In Beijing, a spokesman for China’s Ministry of Foreign Affairs urged the United States to reverse the decision immediately.
“Otherwise China will certainly make legitimate and necessary reactions,” said the spokesman, Wang Wenbin. His remarks suggested that China would, at a minimum, close a U.S. consulate in China.
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The consulate in Houston has about 60 employees. There are six other Chinese diplomatic missions in the United States: the embassy in Washington, an office at the United Nations and consulates in New York, Los Angeles, San Francisco and Chicago.
The closure of the consulate in Houston may be less detrimental to U.S. relations with Beijing than shutting down a different one would be. It is the “sister” diplomatic mission to the American consulate in the Chinese city of Wuhan, where the coronavirus outbreak first emerged. The State Department evacuated its consulate in Wuhan after the initial outbreak; it is not clear when it might fully reopen.
Mr. Wang called the move illegal under international law, and described it as the latest in a series of aggressions.
“For some time, the United States government has been shifting the blame to China with stigmatization and unwarranted attacks against China’s social system, harassing Chinese diplomatic and consular staff in America, intimidating and interrogating Chinese students and confiscating their personal electrical devices, even detaining them without cause,” he said.
Cheng Xiaohe, an associate professor at the School of International Studies at Renmin University in Beijing, said the United States had never taken such a step against China since the two countries established diplomatic relations on Jan. 1, 1979.
“If the relationship between China and the United States continues to deteriorate unchecked,” he said in a telephone interview in Beijing, “the next result will be the severing of diplomatic relations.”
The Trump administration’s decision was a significant escalation of its effort to tighten the reins on Chinese diplomats, researchers, scholars, journalists and others in the United States.
Continue reading the main story
It comes during rising tensions that have been inflamed by the pandemic and Beijing’s repressive moves in Hong Kong, and that now touch on virtually all aspects of the relationship, even though Mr. Trump himself has vacillated wildly on China. He has regularly praised Xi Jinping, the Chinese leader, and pleaded with Mr. Xi for help with re-election, while failing to denounce, and at some points explicitly endorsing, China’s repression in Hong Kong and the Xinjiang region.
The administration’s restrictions have included issuing travel rules for diplomats and requiring several Chinese state news organizations to register as diplomatic entities while limiting their visas. The administration is also considering a travel ban on members of the Communist Party and their families. Such a move, if enacted, could affect an estimated 270 million people, and it has been widely criticized as too sweeping to be practical.
In May, the Trump administration announced a travel ban on students and researchers of graduate-level and higher who have ties to Chinese military institutions. Some officials estimated that would result in the expulsion of thousands of Chinese citizens from the United States.
ImagePresident Trump met the Chinese leader, Xi Jinping, on the sidelines of the Group of 20 Summit in Osaka, Japan, last year.
President Trump met the Chinese leader, Xi Jinping, on the sidelines of the Group of 20 Summit in Osaka, Japan, last year.Credit...Erin Schaff/The New York Times
The Trump administration has repeatedly accused China of attempts to steal commercial and military secrets, allegations that Beijing has rejected. Some critics say the administration’s approach could encourage prejudice against Chinese and Chinese-American researchers.
On Monday, the Justice Department announced visa fraud charges against Song Chen, a visiting Stanford University researcher accused of concealing her active membership in the Chinese military. In January, the F.B.I. announced it was seeking a Boston University student, Yanqing Ye, who had hidden her affiliation with the People’s Liberation Army when applying for a visa. American officials believe Ms. Ye is in China.
The Coronavirus Outbreak ›
Frequently Asked Questions
Updated July 21, 2020
I have antibodies. Am I now immune?
Not very long, a study published in Nature Medicine suggests. Antibodies — protective proteins made in response to an infection — may last only two to three months, especially in people who never showed symptoms while they were infected. That does not necessarily mean that people can be infected a second time, several experts cautioned. Even low levels of powerful neutralizing antibodies may be protective, as are the immune system’s T cells and B cells. But nothing is certain. Experts caution against the idea of “immunity certificates” for people who have recovered from the illness. Also, the tests aren’t entirely accurate. Having antibodies just means you had the virus. It doesn’t mean you won’t again.
Why do masks work?
The coronavirus clings to wetness and enters and exits the body through any wet tissue (your mouth, your eyes, the inside of your nose). That’s why people are wearing masks and eyeshields: they’re like an umbrella for your body: They keep your droplets in and other people’s droplets out. But masks only work if you are wearing them properly. The mask should cover your face from the bridge of your nose to under your chin, and should stretch almost to your ears. Be sure there are no gaps — that sort of defeats the purpose, no?
Is the coronavirus airborne?
The coronavirus can stay aloft for hours in tiny droplets in stagnant air, infecting people as they inhale, mounting scientific evidence suggests. This risk is highest in crowded indoor spaces with poor ventilation, and may help explain super-spreading events reported in meatpacking plants, churches and restaurants. It’s unclear how often the virus is spread via these tiny droplets, or aerosols, compared with larger droplets that are expelled when a sick person coughs or sneezes, or transmitted through contact with contaminated surfaces, said Linsey Marr, an aerosol expert at Virginia Tech. Aerosols are released even when a person without symptoms exhales, talks or sings, according to Dr. Marr and more than 200 other experts, who have outlined the evidence in an open letter to the World Health Organization.
What are the symptoms of coronavirus?
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
What’s the best material for a mask?
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
In December, the U.S. authorities arrested a Chinese cancer-cell researcher, Zaosong Zheng, at Boston Logan International Airport and charged him with trying to smuggle 21 vials of stolen biological research back to China.
Rare earths play Lynas in $400m capital raise, two brokers hired
Sarah Thompson, Anthony Macdonald and Tim Boyd
Aug 15, 2020 – 1.36pm
Lynas Corporation is set to unveil a $400 million capital raising when it hands down 2020 financial year earnings on Monday, Street Talk can reveal.
Investor sources told Street Talk that the $1.9 billion rare earth metals producer had hired Bank of America and Canaccord Genuity to oversee a deal which would see new equity raised via a placement of shares and a rights issue.
Lynas' Mt Weld mine in Western Australia. Washington has problems with its links to Malaysia. Trevor Collens
The brokers were seeking to secure early backing from key institutional investors and underwrite the deal over the weekend, sources said.
The mooted capital raising comes as Lynas races against the clock to build and commission a cracking and leaching plant at Kalgoorlie after being ordered to stop producing low-level radioactive waste at its operations in Malaysia.
Lynas, the world's biggest non-China producer, is aiming to truck rare earths from its Mt Weld mine near Laverton to the Kalgoorlie plant before sending the semi-processed material on to Malaysia.
Updated: Aug 14, 2020 – 4.43pm. Data is 20 mins delayed.
View LYC related articles
Funds raised would be used to help finance the plant. Lynas has previously told shareholders and analysts it required a $500 million investment to be able to perform the required early stage processing in Australia.
Lynas shares last traded at $2.61, having started the year at about $2.30 and closing as low as $1.08 in March.
Lynas chief executive Amanda Lacaze is expected to be in front of new and existing investors this week, seeking fresh funds. Louie Douvis
The raising looms as the first big test of faith for Lynas chief executive and its board after the company rejected a $1.5 billion bid by Wesfarmers last year. Wesfarmers offered $2.42 a share, having initially talked to Lynas about a joint venture agreement, and instead acquired Kidman Resources.
Lynas' biggest shareholders include Ausbil Investment Management, Greencape Capital and Vanguard.
The deal comes as analysts expect an ugly set of numbers for the year to June 30. UBS analysts, for example, told clients the result would represent a disruptive year for the company and forecast a $41 million loss at the adjusted net profit after tax line. Consensus forecast was a $22 million loss, UBS said.
It's interesting to see Bank of America pop up on the equity raising. The investment bank has no previous public mandates with the company, according to S&P Global Research's database. Lynas most recently raised equity in 2014 in a deal underwritten by Patersons Securities, which was acquired by Canaccord Genuity last year.
The raising also comes only days after Lynas confirmed it was in talks with key stakeholder and funder, Japan Australia Rare Earths (JARE), to help fund its heavy rare earths separation plant. JARE has already lent Lynas $US145 million, and Lynas said interest repayments were deferred until October 2021.
Lynas' plans to build the new plant in Australia hit an early snag in the environmental approvals process on Friday after the Department of Agriculture, Water and Environment (DAWE) said it had suspended its time frame for making a decision on the Lynas plans.
A department notice said the revised statutory time frame for what the Morrison government and other nations regard as a strategically important project is now 15 business days after it receives additional information requested from Lynas.
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Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at email@example.com
Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at firstname.lastname@example.org
Tim Boyd is a journalist based in S
Bipartisan Bill Seeks To Curb US Reliance On China For Rare Earths
Profile picture for user Tyler Durden
by Tyler Durden
Tue, 09/01/2020 - 22:10
Ever since the first shots were fired in the US-China trade/tech/cold war in 2016, Beijing has frequently threatened to use its strategic position as the world's pre-eminent supplier of rare earth metals - a group of 17 elements used in everything from sophisticated weapons to cell phones to wind turbines to electric cars - as potential leverage which it could wield in response to any perceived foreign (read US) aggression, even if it has so far refused to use this particular trump card. And with Sino-US relations deteriorating by the day, pushing China ever closer to the day it may in fact ban rare earth exports to the US, US House lawmakers are now taking advance measures for when that day finally comes, and have introduced a bipartisan bill aimed at seeking to curb US dependence on China for rare earths.
Rare earth elements are described as the ‘vitamins of chemistry’ — producing powerful effects in small doses
The legislation was co-authored by Republican Lance Gooden and Democrat Vicente Gonzalez, both of Texas, and is similar to that introduced in May by Senator Ted Cruz. Republicans Will Hurd, Roger Williams, Pete Olson and Randy Weber, as well as Democrat Henry Cuellar, are co-sponsors of the bill. All are Texas representatives. The measure would give tax incentives for companies involved in the mining, reclaiming and recycling of critical minerals and metals from deposits in the US, Bloomberg reported.
The bill is also part of a recent push in Congress to shift supply chains, especially in sectors viewed as critical for national defense, away from China and back toward the US; predictably, the effort has drawn broad support from domestic rare-earth companies which anticipate a major financial windfall should the bill pass.
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"The tax incentive seeks to level the playing field with regard to the subsidies China provides from mine to magnet," Pini Althaus, chief executive officer of USA Rare Earth, which is developing the Round Top Mountain deposit in Texas, said in a phone interview. "It would significantly improve the bottom line of any domestic rare earth project."
Althaus also said the House measure which China would surely claim is a subsidy prohibited by the WTO, reduces the potential for China to dissuade investment in U.S.-based rare earth projects and supply chains, because those businesses will be better able to compete.
Last year, amid mounting concerns China would limit shipments of rare earths as the trade war escalated, Trump ordered the Defense Department to spur production of rare-earth magnets.
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The legislation "lowers the cost of capital, which is the goal because China has lowered the cost of capital for their sector, and our sector needs to be able to compete,” Jim Litinsky, the incoming CEO of MP Materials, currently the sole U.S. miner of the minerals, said in a phone interview. “It’s probably the one thing I’ve seen everyone get behind."
Hitachi has announced that it will develop and manufacturer electric vehicle motors in the United States.
For those that don’t know, Hitachi is a Japanese multinational conglomerate and is one of the world’s largest public companies.
In a press release, Hitachi has confirmed that it will develop and produce electric vehicle motors through it’s the newly established Hitachi Automotive Electric Motor Systems America company. This company will use existing office and manufacturer facilities in the city of Berea in Kentucky that are currently owned by Hitachi Automotive Systems.
This facility occupies an area of 259,646 square-meters and is expected to commence production in 2022, “dependent on the effects of Covid 19,” the company said in a statement.
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“The establishment of this new company will further strengthen Hitachi Automotive Electric Motor Systems’ business foundation in the expanding electric vehicle market and respond to growing demand for electric vehicle motors in the USA,” Hitachi added.
Full details about Hitachi’s plans remain under wraps. For example, it is unclear if it will partner with automotive manufacturers to build electric vehicle motors for them or if it will instead build the motors exclusively for the aftermarket. It is also unclear if the motors will be best suited to compact city cars or performance EVs, for example.
Hitachi isn’t the only Japanese company looking to cash-in on growing demand for electric vehicles. Earlier this year, Yamaha unveiled an electric motor it has developed for various vehicles, including motorcycles and cars. This motor can produce up to 270 hp or can be restricted to as little as 47 hp for use in electric scooters.