Hertha Metals closes \$133.65M Series A including \$65M US Department of Energy IBAS grant

Hertha Metals/Chalyx high-purity iron plant

Hertha Metals closed \$133.65M Series A to build Chalyx, a 10 kt/yr direct reduction plant in Texas. Round included \$65M from DOE's Industrial Decarbonisation (IBAS) programme, one of the largest federal decarbonisation grants for metals, backing high-purity iron for EV and magnet applications.

• Chalyx total CapEx ~\$200M; Series A and IBAS grant cover most of construction, targeting 2027–2028 start-up.
• Uses hydrogen/natural gas blend in single rotating reactor, producing 10 kt/yr high-purity iron, cutting CO₂ by 40–50%.
• Modular 10 kt/yr design allows replication to scale domestic North American iron supply without one massive facility.