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Hertha Metals raises $133.7M for magnet-grade iron plant in Texas
The Series A includes a $65.0M US government equity investment and targets production of 10,000 tonnes of steel-grade and magnet-grade high-purity iron.
Hertha Metals said it closed a $133.65M Series A round to build Hertha Chalyx, a new facility in Texas focused on producing magnet-grade high-purity iron.
Mining.com reports the financing includes a $65M equity investment from the US government, executed through its Industrial Base Analysis and Sustainment program, in partnership with the Economic Defense Unit.
The round was co-led by Khosla Ventures and Doerr Capital, with participation from CEV, Pear Ventures, Gates Frontier, Niterra SUISO no MORI Fund, Toyota Ventures, and Siemens Financial Services.
Hertha Chalyx, alongside the company’s pilot plant Pi100, is designed to produce 10,000 tonnes of steel-grade and magnet-grade high-purity iron, supporting a shift toward reshoring iron and steel as the US imports almost all of the high-purity iron used in rare-earth permanent magnets.