IperionX Wins $9.5 Mn US Defence Grant to Expand Titanium Production
Synopsis
The critical minerals company has secured up to $9.5 million in U.S. government funding to scale the production of military-grade titanium components, supporting domestic supply chains for land and maritime defence programs.
Key Highlights
- IperionX has been awarded up to USD$6.6 million ($9.5m) in US government funding.
- The funding will support ballistic-quality titanium sheet and defence titanium parts.
- The company will allocate funds for capital equipment at its Virginia manufacturing campus.
- Expectedly the project will still be implemented in two stages and the second phase will include a maximum of USD6.4 million.
IperionX has received up to USD6.6 million ($9.5 million) under the US Department of War program for domestic production of titanium plate and large format military-grade titanium components.
The award is part of a larger, multi-organisation program to mature the production of ballistic-grade titanium alloy components for land and sea defence platforms. The funds will be used by dual-listed IperionX to assist in capital equipment at its titanium production campus in Virginia.
Two-Phase Program to Scale Manufacturing
The program consists of two phases. In the first stage, IperionX will be paid USD200,000 for project scoping and test work. If successful, the company is also anticipated to receive a further USD6.4 million for scaling up its manufacturing capability and capital equipment purchases.
The funding is aligned with IperionX’s strategy to scale in the U.S. high-performance titanium manufacturing capacityI said IperionX’s CEO Taso Arima said. The objective is to shorten the traditional titanium supply chain, simplify supply-chain processes and create a more resilient, low-cost domestic titanium shape product supply chain for defence, aviation and advanced superalloy customers, she added.
Source: Capital Brief
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