IperionX secures funding of up to US$6.6 million
- IperionX secured funding of up to US$6.6 million under a United States Department of Defence programme.
- Following the announcement, the IperionX share price was up at $4.07 on the Australian Securities Exchange.
- The company stated that the capital will support manufacturing capabilities for large-format military titanium components.
Advanced materials developer IperionX (NASDAQ:IPX) (ASX:IPX) has been awarded up to US$6.6 million under a United States Department of Defence programme to scale the domestic production of ballistic-grade titanium plate and military components.
The funding allocation contrasts with conventional titanium plate production methods that are often characterised by low yields, elevated production costs, and material yield losses.
The company stated that the transaction is expected to position the business to establish a low-cost and resilient American titanium manufacturing platform for defence and advanced industrial customers.
Under the two-phase programme, IperionX will receive an initial US$0.2 million for project scoping and test work, with a further US$6.4 million to follow upon completion to scale manufacturing capacity and purchase capital equipment.
Following the announcement, the IperionX share price was up at $4.07.
The capital injection directly supports operations at the company's Titanium Manufacturing Campus in Virginia, which aims to strengthen domestic supply chains for mission-critical titanium products.
Alongside the primary award, IperionX also secured an additional purchase order from the U.S. Army Ground Vehicle Systems Centre is to manufacture a range of titanium fasteners.
