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Hertha Metals starts building $100M plant to make magnet-grade iron
The Conroe, Texas facility is designed to produce about 10,000 metric tons per year and will use domestic iron ore from Minnesota's Iron Range plus Texas natural gas.
Hertha Metals has broken ground on Hertha Chalyx, its first commercial plant, in Conroe, Texas, aimed at producing steel-grade and magnet-grade high-purity iron. The company says the plant is designed to make about 10,000 metric tons a year.
Mining.com reports the new site will sit next to Hertha’s Pi100 pilot plant and is intended to support development and scaling of the company’s process for making primary iron and steel. Hertha says it will run on domestic iron ore, primarily from Minnesota’s Iron Range, and Texas natural gas.
The plant’s roughly $100 million cost is funded through Hertha’s $133.65 million Series A, including a $65 million equity investment from the US government, Mining.com adds. The outlet also notes remarks from Jennifer Jett, Chief of Staff to the Under Secretary of War, Economic Defense Unit, about using the investment to build domestic capacity before supply chain disruption becomes a crisis.
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