Hertha Metals closes $133.65m Series A including $65m U.S. government equity
Khosla Ventures and Doerr Capital co-led financing for the Hertha Chalyx iron and steel plant.
Hertha Metals closed a $133.65 million Series A co-led by Khosla Ventures and Doerr Capital. The total includes $65 million in U.S. government equity through the Industrial Base Analysis and Sustainment program.
Participants included CEV, Pear Ventures, Gates Frontier, Niterra SUISO no MORI Fund, Toyota Ventures and Siemens Financial Services. The financing will fund Hertha Chalyx, a planned 10,000-tonne-per-year plant producing steel-grade and magnet-grade high-purity iron.
The company already operates a 360-tonne-per-year demonstration facility and is qualifying as a supplier to U.S. rare-earth magnet manufacturers.
Use of funds
Construct Hertha Chalyx, a plant designed to produce steel-grade and magnet-grade high-purity iron
Scale domestic iron and steel production for steel producers and rare-earth magnet manufacturers