Ropes & Gray Advised InfraVia Critical Metals Fund on its Agreement to Invest in Carester, a Leader in Rare Earth Recycling and Separation

Ropes & Gray has advised InfraVia, acting through its Critical Metals strategy, on its agreement to invest in Carester, a leading and innovative French specialist in rare earth recycling and separation.

Carester, headquartered in France, is a leading specialist in rare earths processing and separation technologies, with a strong focus on innovation and the development of more efficient, more environmentally friendly industrial processes. Carester’s flagship project, Caremag, is a cutting-edge facility located in Lacq, in the South of France. Scheduled to commence operations in late 2026, Caremag aims to deliver a reliable European supply of rare earth oxides essential for electric vehicles, wind turbines, and other strategic industries, and will recycle 2,000 tonnes of magnets and refine 5,000 tonnes of mining concentrate annually. This facility will be Europe’s first large-scale rare earth recycling plant and is expected to become the largest western producer of purified heavy rare earths, significantly enhancing the region’s capacity for a sustainable rare earth supply chain.

InfraVia will invest alongside USA Rare Earth, with each party expected to hold approximately 12.5% equity interests in Carester. Completion of the contemplated transaction remains subject to customary conditions including confirmatory due diligence as well as the negotiation and execution of definitive documentation.

The Ropes & Gray team was led by private capital partner Emmanuel Mimin, assisted by private capital counsel Raphaël Durand as well as associate Julie Brissy.