IperionX And Partner To Deliver Titanium Fasteners For US Army

IperionX Ltd (ASX: IPX, NASDAQ: IPX) and Vegas Fastener Manufacturing have partnered to develop a range of fasteners and components for the U.S. Army.

IperionX will provide titanium pre-forms and near-net shapes to Vegas Fastener that will be machined to final design specifications and quantities.

The titanium alloy fasteners and precision components will be manufactured for the U.S. Army Ground Vehicle Systems Center (GVSC).

Additionally, the partners will produce titanium fasteners for critical sectors such as aerospace, naval, oil & gas, power generation and chemical.

US$95 billion market

The growing demand for lightweight vehicles and aircraft is leading to a shift to custom high-performance, lightweight fastener products.

Notably, the global market for industrial fasteners, valued at ~US$95 billion in 2023, is projected to grow at nearly 5% annually from 2024 to 2030.

The U.S. is one of the largest fastener markets worldwide, with growth underpinned by strong demand for automation and aerospace.

US-based manufacturing

IperionX’ Titanium Production Facility in Virginia is advancing to schedule, with the first titanium powder expected in mid-2024.

During the March quarter, IperionX received US$3.8m from the US$12.7m DPA Title III funding to fund Phase I of the production facility.

The remaining US$8.9m available under the DPA Title III funding was yet to be drawn upon at the end of the quarter.

IperionX CEO Anastasios (Taso) Arima said: “The combined strengths and expertise of Vegas Fastener and IperionX will produce innovative solutions for customers and strengthen America’s manufacturing independence.”

 

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