Hertha Metals Breaks Ground on $100MM Chalyx Iron Plant in Conroe, Backed by $65MM Pentagon Stake

Conroe-based Hertha Metals has started construction on Hertha Chalyx, a roughly $100 million commercial plant that will turn Minnesota iron ore and Texas natural gas into magnet-grade iron, a material the U.S. currently imports almost entirely, after closing a $133.65 million Series A round that included a direct equity investment from the federal government.