IperionX Receives $12.7M U.S. Department Of Defense Grant For Domestic Titanium Production
Portfolio Pulse from Benzinga Newsdesk
IperionX Limited (NASDAQ:IPX) has been awarded a $12.7 million grant by the U.S. Department of Defense (DoD) to address U.S. titanium supply chain vulnerabilities. The grant, along with a potential $11.5 million in equipment financing from the Export-Import Bank of the United States, will be used to accelerate the development of a titanium production facility in Halifax County, Virginia. The U.S. currently imports over 95% of the titanium sponge required for the defense sector. IperionX aims to reduce this reliance by reshoring a full titanium supply chain to the U.S.
November 01, 2023 | 12:37 pm
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IperionX has received a significant grant from the U.S. DoD, which will likely boost its financial position and accelerate its plans for a titanium production facility. This could potentially increase the company's market share in the titanium industry.
The grant from the U.S. DoD is a significant financial boost for IperionX. It not only provides the company with the necessary funds to accelerate its titanium production plans, but also validates the company's technology and strategy. This could potentially lead to increased investor confidence and a rise in the company's stock price in the short term.
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