Kentucky Today

By MARK MAYNARD, Kentucky Today

ASHLAND, Ky. (KT) — Braidy Industries says it has spent $15.7 million on construction so far and is on schedule to begin “full commercial operation in 2021.”

The company also said in a status update this week that it extended fundraising deadline by three months to March 31 for potential investors.

“Braidy Industries has had tremendous success on Netcapital, raising over $12 million so far,” an update sent out through Netcapital said.

The $15.7 million spent includes purchasing the land where the mill will be built, design and engineering plans, procurement of necessary permits and other governmental approvals.

The expenditures also cover site preparation work and the June 2018 groundbreaking, negotiating engineering, procurement and construction agreements, working with utilities to ensure the site will have the requisite electric, water and gas service once it is operational, and professional services.

The document outlines capital requirements and strategy to build Braidy Atlas.