Hertha Metals raises $133m to build iron plant in US
Hertha Metals has secured $133.65m in Series A funding to build a plant in the US producing high-purity iron for domestic rare-earth magnet manufacturers. The round includes a $65m equity investment from the US Government through the Industrial Base Analysis and Sustainment programme and the Economic Defense Unit, and was co-led by Doerr Capital and Khosla Ventures. The capital will fund Hertha Chalyx, a proposed facility designed to produce 10,000t of steel-grade and magnet-grade iron, with construction set to begin later this year.
Why it matters: The round speaks to the critical minerals theme, since the plant is intended to establish a domestic supply of high-purity iron used in neodymium iron boron magnets.