IPX - IperionX receives $12.7M U.S. DoD grant for domestic titanium production
2023-11-01 08:53:26 ET
- IperionX ( NASDAQ: IPX ) Wednesday said the U.S. Department of Defense awarded IperionX $12.7M in funding under the Defense Production Act Title III authorities to address U.S. titanium supply chain vulnerabilities.
- IperionX would apply the $12.7M U.S. DoD grant funding towards building a 125 metric tons per annum titanium production facility in Halifax County, Virginia, with the first production expected in 2024.
- Once commissioned, IperionX intends to rapidly scale the capacity of this advanced titanium production facility – in a modular development approach – to 1,125 metric tons per annum on the same site in Virginia.
- The $12.7M U.S. DoD grant would be matched on a 1:1 cost share basis by IperionX, for a total funding amount of ~$25M.
- IPX +11.36% premarket to $8.82
- Source: Press Release
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IperionX receives $12.7M U.S. DoD grant for domestic titanium production