RICHMOND, VA — Governor Glenn Youngkin today 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, which will create 108 new jobs over the three-year Phase 1 and Phase 2 development period.
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