CHARLOTTE – IPERIONX Ltd, formerly known as Hyperion Metals Ltd, has raised more than $16.4 million according to an SEC filing.

The Charlotte-headquartered company, which is publicly-traded, raised the $16,428,000 from five investors according to the filing.  That amount was calculated on the basis of 30,000,000 ordinary shares that were sold to raise capital.

And the deal was brokered by a Los Angeles firm, who received nearly $700,000 in compensation for serving as the broker of the deal, according to the filing.

The company uses “titanium processing technologies” and is a part of “facilitating the global transition towards a closed-loop, low-to-zero carbon, resource efficient and socially inclusive green economy,” according to its website.

Each of the six people designated on the filing as executive officers of the company are based in Perth, Australia, as are five other people designated on the filing as directors of the company, according to the filing.

Taso Arima, the company’s managing director and CEO, according to the website, is the founder of Piedmont Lithium.

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The company’s technology

The company uses a proprietary process, the Hydrogen Assisted Metallothermic Reduction process, abbreviated as HAMR, to produce titanium powders.

According to the company’s website, the HAMR process, which was developed by Dr. Zak Fang with funding from the U.S. Department of Energy’s ARPA-E program, can turn nearly any titanium or titanium alloy into titanium powders at low-energy intensity.

This, says the company’s website, enables the “potential for low cost, low carbon emission production in a sustainable closed loop.”

And the firm uses two other technologies as well, including “a thermochemical process for producing spherical alloy powder,” according to the website, and a process known as “synthetic rutile process.”

The company aims to develop an entirely U.S.-based titanium mineral supply chain, according to its website.  To do so, the company holds 100% interest in a project in Tennessee known as the Titan Project.  According to the company, the site, which sits inside an area known as the Mississippi embayment, “is one of the largest titanium, zirconium and rare earth minerals deposits in the U.S.”

Rare earth metals are important in the production of electric cars, solar panels, and other clean energy technologies, and a 2021 report warned that a shortage of such metals may hinder efforts to combat climate change.

Shortage of rare earth metals could hinder climate efforts, report warns