IperionX Limited to invest $82.1 million and create 108 new jobs in a phased development
Governor Glenn Youngkin has announced that IperionX Limited (“IperionX”) (NASDAQ: IPX), a U.S. critical minerals company, plans to make a capital investment totaling $82.1 million to establish Virginia’s first titanium demonstration facility in Halifax County. The company’s project will develop over two phases, with phase one consisting of a $12.5 million investment in building construction and production-related machinery and tools, and a further $69.6 million investment anticipated under a Phase 2 expansion within three years of the initial development.
The company will initially occupy the 50,000-square-foot Halifax Shell Building in the Southern Virginia Technology Park and plans to expand the facility to 100,000 square feet in the coming years.
IperionX intends to source 100% renewable energy to produce 100% recycled titanium to supply advanced industries including automotive, defense, aerospace, electric vehicles, and 3D printing. IperionX plans to develop the titanium demonstration facility as a showcase for the intersection of titanium powder production with additive manufacturing and other powder metallurgy applications.
Virginia successfully competed with North Carolina, South Carolina, and West Virginia for the project, which will create 108 new jobs over the three-year Phase 1 and Phase 2 development period.
“We are thrilled to welcome IperionX to the Commonwealth. The new Halifax County operation will represent the first titanium metal powder facility in the U.S. using 100% recycled titanium scrap as feedstock, putting Virginia on the map for providing a critical material that is essential for our advanced industries,” said Governor Glenn Youngkin. “We look forward to supporting this forward-thinking company that will develop a new supply chain of titanium right here in the Commonwealth while creating high-quality jobs.”
“IperionX selecting Virginia for this multi-phase investment beginning with its inaugural titanium demonstration facility is a huge win for the Commonwealth,” said Secretary of Commerce and Trade Caren Merrick. “We are proud to welcome this visionary and innovative company to Virginia’s corporate roster.”
Anastasios Arima, Founder and CEO of IperionX, said, “We are delighted to have chosen South Boston and Halifax County as the site for our inaugural titanium demonstration facility, which is a critical step in advancing IperionX’s ambition to re-shore an all-American source of titanium metal. We are highly appreciative of the support and welcome that we have received from our partners and stakeholders in Virginia and look forward to establishing IperionX as a leader in advanced manufacturing in our new home.”
“IperionX Limited provides innovative solutions to the critical materials supply chain of our nation, and we applaud their selection of Halifax County as the location to match their technology with the strong skill sets of the existing workforce,” said Linda Green, Executive Director of the Southern Virginia Regional Alliance. “Their work in diverse emerging industry sectors promises opportunity for Halifax workers for generations to come.”
“Dominion Energy welcomes IperionX to Virginia. We are excited for the opportunity to meet their energy needs, while also helping to support its sustainability goals,” said Felicia Howard, Vice President Economic Development Strategy, Dominion Energy.
“I am grateful to IperionX Limited for investing in Southside Virginia by locating their new facility in Halifax County,” said Congressman Bob Good. “Virginians will benefit from this partnership with over 100 new jobs and a greater manufacturing base for the Commonwealth. I look forward to continuing to work with Governor Youngkin on ways we can help bring more jobs and prosperity to communities across the 5th District.”
IperionX was founded in 2020 with plans to be the leading developer of a low-carbon, sustainable, critical material supply chain. The company’s titanium technologies have demonstrated the potential to produce titanium products that are sustainable, 100% recyclable, and low-carbon and at product qualities that exceed current industry standards.
IperionX can produce its titanium from recycled scrap, as well as mineral feedstock. The company is listed on the Australian Stock Exchange and began publicly trading on Nasdaq in June 2022. The company counts major international institutions as shareholders, including Fidelity Management and Research, Fidelity International and B. Riley Principal Investments, and has submitted three key defense-related funding requests to the federal government as part of the FY 2023 appropriations process.