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Hertha Metals said it secured a $133.65m Series A to produce high-purity iron for domestic rare-earth magnets, with the U.S. government investing $65m via the IBAS Defense Industrial Base program. The round was co-led by Khosla Ventures and Doerr Capital.
The company said the round includes a $65 million equity investment from the U.S. Government through its IBAS program. Proceeds will fund Hertha Chalyx, a new facility planned to produce 10,000 tonnes of high-purity iron and steel for rare-earth magnet makers.