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DoD Takes Equity Stake In Steel Firm As Part Of Funding Raise

Cal Biesecker By
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DoD Takes Equity Stake In Steel Firm As Part Of Funding Raise
Photo: Hertha Metals

Steel company Hertha Metals on Tuesday said it raised $134 million in an investment round that includes a $65 million equity stake by the Defense Department, funding that will be used to construct a new domestic facility that produces high-purity iron used in most rare earth magnets. The DoD investment was made through the Industrial Base Analysis and Sustainment program in partnership with the Economic Defense Unit. The Series A round was co-led by Khosla Ventures and Doerr Capital. The…

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