Following IperionX’s partnership with GKN Aerospace, the company has received a Letter of Interest (LOI) from the Export-Import Bank of the United States (EXIM Bank) for potential equipment finance of US$11.5 million.
With a 7-year repayment period, the financing is intended to support the development of IperionX‘s Titanium Production Facility in Halifax County, Virginia. EXIM Bank’s LOI implies eligibility for equipment financing through the ‘China and Transformational Exports Program’ and the ‘Make More in America Initiative’ for IperionX’s Titanium Production Facility. These EXIM programs facilitate loans and loan guarantees for projects curbing Chinese influence in vital sectors and promoting domestic exports.
IperionX intends to allocate the equipment finance towards essential production assets, including industrial furnaces and comminution equipment, with an estimated cost of approximately $11.5 million. The company’s plans involve the construction of a 125 metric ton per annum titanium production facility in Virginia, with initial production scheduled for 2024. Following the launch, IperionX intends to expand the facility’s capacity to 1,125 metric tons per annum, following a modular development approach.
“Titanium for the U.S. manufacturing sector is currently sourced over long distances from foreign nations. We are pleased to receive the letter of interest for the provisional sum of US$11.5 million in equipment finance from US EXIM that will assist IperionX to re-shore a lower-cost, more sustainable and fully integrated U.S. titanium supply chain that is critical both for the manufacturing of advanced goods as well as for America’s national security,” said Anastasios (Taso) Arima, IperionX CEO.
IperionX’s titanium production journey
IperionX says, titanium is known for its strength, heat resistance, and corrosion resilience, and plays a vital role in U.S. defense systems and various sectors. IperionX possesses the potential to construct a complete U.S. titanium supply chain, encompassing mineral extraction, high-performance titanium production, and novel use of 100% recycled titanium. With a focus on sustainability and resource efficiency, IperionX’s product range includes titanium powder, ingots, bars, and plates.
Although the LOI remains non-binding and is contingent upon specific conditions, it offers IperionX a starting point for exploring funding avenues for its Titanium Production Facility. The company has made it clear that it will not disclose details of discussions with EXIM Bank regarding financial support unless it secures a formal agreement with U.S. government funding.
In February of this year, IperionX collaborated with ISO 9001:2015 certified pump manufacturer Carver Pump to provide the U.S. Navy with additively manufactured titanium pump components. Carver oversaw development, prototyping, and qualification. The U.S. Navy’s Naval Sea Systems Command (NAVSEA) had previously adopted additive manufacturing for over 500 approved components in submarines and ships. To bolster additive manufacturing (AM), the Governor of Virginia and the U.S. Navy recently inaugurated the ‘Additive Manufacturing Center of Excellence’ in Danville, VA, located twenty-five miles from IperionX’s new Titanium Demonstration Facility.
Additionally, IperionX won Phase 1 of the NSIN-sponsored AFRL Reprocessing of Metallic Scrap and Waste Powders Grand Challenge (AFRL Grand Challenge #4). It secured a $500,000 contract distributed over four development cycles in nine months. The contract aimed to create equipment and processes for recycling scrap titanium into additive manufacturing powders. IperionX offered a novel solution to recycle waste and deoxygenate titanium powder for usability.
Titanium production in the 3D printing sector
Researchers from RMIT University and the University of Sydney, in alliance with Hong Kong Polytechnic University and Hexagon‘s Manufacturing Intelligence division, developed sustainable and cost-effective titanium alloys. These alloys are strong, ductile, and tunable, making them suitable for aerospace, biomedical, chemical engineering, space, and energy applications. Using Laser Directed Energy Deposition (L-DED) and a circular economy approach, the alloys are produced from low-grade materials, reducing costs and environmental impact.
6K subsidiary 6K Additive partnered with French industrial metal 3D printing specialist Z3DLab to produce Z3DLab’s advanced ZTi titanium alloys range. Leveraging UniMelt technology, 6K Additive processes ZTi alloys into spherical, dense powders for additive manufacturing, achieving up to 100% yield and enhancing material production viability. This collaboration aims to develop advanced 3D printing materials for applications in medical implants and aerospace.
“Our ZTM14N material is unique for the medical implant industry and has tremendous growth opportunity in the space. However, we cannot afford to suffer the yield loss that is typical in the atomization process during production. We will be burdening the cost unnecessarily for our customers,” said Z3DLab President, Dr. Madjid Djemai.
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Featured image shows IperionX’s company logo. Photo via IperionX.
