Braidy Industries reported at the end of 2018 that the company has spent US$15.7 million on the construction of its Braidy Atlas aluminium rolling mill in Greenup, Kentucky, USA.
The company is working towards meeting its anticipated target of bringing the mill to full commercial operation in 2021.
According to sources, Braidy is banking on its proprietary Veloxint alloy, designed by Massachusetts Institute of Technology scientists for this project. These ultra-high strength metals alloys are suitable for extreme temperature uses in the automotive and aerospace industries and help in weight and cost savings. Braidy acquired Veloxint in the first quarter of 2018 and NanoAl, another leader in high strength aluminum alloys, in mid-2018.
The company is in the process of raising US$500 million in equity capital and approximately $1.2 billion in debt capital for construction of the plant. The Commonwealth of Kentucky is putting US$15 million into the deal and provided significant economic incentives. The company also received a discounted fixed power rate from Kentucky Power, which is 50% lower.
The Braidy Atlas facility is expected to produce aluminium sheet at roughly half the cost of most competitors in the U.S., Europe and Asia, enabling it to enter the aluminium sheet market in 2021 as a low-cost producer.