By Mark Shaffer | January 3, 2019

Now has two companies to create stronger aluminum

Braidy Industries says its rolling aluminum mill in Greenup, Kentucky is still on track to begin operations in 2021.

The company has spent $15.7 million so far to purchase land in the EastPark industrial park near Greenup, Kentucky, for design and engineering plans for the mill, to get needed permits and other governmental approvals; site preparation work and setting up utilities. Kentucky Power plans to perform $33 million in site preparation work in mid-2019 and has agreed to a favorable, fixed which is 50 percent lower than that paid by competitors.

In its offering update, Braidy Industries said it “is raising equity through a traditional private placement targeted at large, sophisticated institutional investors (up to approximately $500 million) side by side with a smaller exempt offering (up to $1.07 million) which allows Main Street investors to invest in a transaction to which they would not otherwise have access.” Braidy Industries said it would continue crowd funding until March 31.

The Kentucky legislature approved a $15 million investment in Braidy Industries in 2017.

When it completed, 45 acres of the factory will be under roof and the mill will be producing nearly 300,000 tons of milled aluminum for use in the automotive, airline, and defense industries.