Metals technology company IperionX [ASX:IPX] is known for developing the world’s first 100% recycled, low-carbon titanium supply chain.
Today, it broadcast a new milestone by means of teaming up with the Ford Motor Company to supply titanium metal components for the vehicle maker.
Shares were boosted by nearly 2% by the early afternoon, proving the news was for the most part, well received by investors.
Worth 96 cents a share after lunchtime, IPX is above the S&P 200 average by 24%:
Source: TradingView
IperionX strikes SoW agreement with Ford
Today, IperionX and renowned car maker Ford have announced they have agreed to a Scope of Work (SoW) for IperionX to supply titanium metal components to Ford.
The SoW comes after a period in which the companies have been collaborating on design and testing for the manufacturing of a series of high-quality titanium components. These will be for future production vehicles for Ford’s high-performance and racing division, Ford Performance.
Ford Performance is the high-performance and racing division of the Ford Motor Company, well known for a leading range of performance cars such as the F150 Raptor, Bronco Raptor, Mustang Mach 1 and the Shelby GT500.
The guaranteed titanium supply will cater for Ford’s ambitions. The motor company aims to be the only manufacturer competing in competitions like Formula 1 and 24 Hours of Le Mans with its hybrid supercars.
It just so happens that the automotive parts made with titanium products are a good fit for strength-to-weight ratios suited to racing, as well as having better resistance to corrosion, added durability properties and which are unique to IperionX’s own recycled materials which would give Ford that specific edge.
On top of that, there are also certain sustainability benefits that go together with the titanium automotive supply chain that aren’t yet known to be matched by any other commercial titanium production methods, but IperionX’s.
The new SoW follows a detailed program of quality and strength testing of IperionX’s low-carbon, circular titanium metal.
Ford’s Sustainability and Advanced Materials divisions undertook a range of testing procedures, verifying that IperionX’s titanium surpassed the required parameters set under ASTM International standards.
The titanium components are yet to undergo a more comprehensive ‘finishing study’ first to assess a range of parts, which will result in a final design, and unit costs for a range of low-carbon titanium components for Ford Performance production vehicles.
Anastasios Arima, IperionX CEO reflected:
‘Ford has a commitment to achieve carbon neutrality by 2050. We are proud to partner with Ford to accelerate the deployment of a sustainable, circular titanium supply chain for the global automotive market.
‘Our low-carbon titanium metal is uniquely made with 100% recycled titanium and can significantly improve automotive supply chains by using high-strength titanium components with nearly half the weight of steel.
‘IperionX is re-shoring a lower cost and more sustainable U.S. titanium supply chain — shifting from a linear supply chain to a lower carbon, circular titanium supply chain — recycling titanium scrap to manufacture low carbon, high-performance titanium components.’
IperionX intends to fund work under the SoW with a purchase order to be issued through GP&M, with Ford as the end user, to the value of US$49,000.
The provision of this funding is subject to IperionX’s acceptance of the purchase order and Ford’s global terms and conditions.
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