The Courier of Montgomery County reports that in order to federally fund a facility to produce high-purity iron, Conroe-based Hertha Metals has secured $133.65 million. High-purity iron is a usually imported key material in rare-earth magnets that can be used in a number of emerging technologies.
The Industrial Base Analysis and Sustainment program in partnership with the Economic Defense Unit. is the source of the funding. In order to strengthen and modernize the defense industrial base is the reason these projects are funded.
Founded in 2022, by CEO Laureen Meroueh, Hertha has come up with a process to produce 99.95% pure iron, the level of purity needed by major manufacturers of rare-earth magnets. The U.S has to mostly turn to other countries to obtain this high-purity iron, especially China.
Meroueh says, “Every electric vehicle, aerospace platform, radar system and data center depends on domestic iron and magnet feedstock suppliers.”
The funding for the new Hertha Chalyx will finance the construction of its new facility, The production of 10,000 tons of steel-grade and magnet-grade high-purity iron is the company’s plan.
The location of the plant will be near the company’s pilot facility at 100 FM 3083.
Hertha representatives say funding from Breakthroough Energy and Khosla Ventures, as well as a grant from the Department of Energy will bring in approximately $20 million to date.
This year plant construction is expected to begin.
