IperionX selects Virginia for first U.S. 100% recycled titanium metal powder facility

On September 27, 2022, Governor Glenn Youngkin 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, creating 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 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 highly appreciate the support and welcome from our partners and stakeholders in Virginia and look forward to establishing IperionX as a leader in advanced manufacturing in our new home.”

Rick Harrell, Chair of the Halifax County Industrial Development Authority, stated, “I am thrilled to welcome IperionX to Halifax County. Their decision to locate in Halifax County will have a lasting impact on our community and region.”

“This is an impressive project for Halifax County,” said Rick Short, Chairman of the Halifax County Board of Supervisors. “Their decision to locate here and create 108 new jobs is a testament to the community’s legacy in manufacturing. IperionX will make a wonderful addition to our industrial base, and we welcome them.”

“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.”

Tobacco Commission member Senator Frank Ruff said, “IperionX is an exciting addition to the Southern Virginia Technology Park, and it is great to see them locate in and expand the shell building that the Commission also supported several years ago. We are fortunate to have a company that provides more than 100 high-paying jobs and contributes over $80 million to the county’s tax base come region. I wish them great success in Halifax County.”

“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 of Economic Development Strategy, Dominion Energy.

“I am proud that Virginia will be home to a state-of-the-art titanium demonstration facility that will shore up domestic supply chains for emerging technology in a forward-thinking, sustainable way while creating jobs and opportunities in Halifax County,” said U.S. Senator Mark Warner.

“IperionX Limited’s expansion in Halifax County will create over 100 new jobs and help boost economic development in Southside,” said U.S. Senator Tim Kaine. “My office was glad to be involved with interfacing with the Department of Defense to identify opportunities to expand this business in Virginia. I look forward to seeing the positive impacts of this move in the future.”

“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.”

“I want to personally thank IperionX Limited for taking a chance on Halifax County for this exciting project,” said Delegate James Edmunds. “Their commitment to this area will not only help young people stay in the area but also bring some who may have left to work elsewhere back home!”

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 sustainable titanium products, 100% recyclable, low-carbon, and product qualities that exceed current industry standards. IperionX can produce its titanium from recycled scrap and 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.

The Virginia Economic Development Partnership worked with Halifax County, the Southern Virginia Regional Alliance, the Virginia Department of Environmental Quality, and the Virginia Department of Energy to secure the project for Virginia. Governor Youngkin approved a $300,000 grant from the Commonwealth’s Opportunity Fund to assist Halifax County with the project. The Virginia Tobacco Region Revitalization Commission approved a grant for the project for $573,000 from the Tobacco Region Opportunity Fund. The company is also eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. The Virginia Jobs Investment Program will provide funding and services to support the company’s employee training activities.