Braidy Industries is building the Braidy Atlas, the first greenfield aluminum rolling plant in the U.S. in 37 years. The company's core product will be high-quality rolled aluminum produced at the Atlas mill, which is dependent on long-term supplies of low-carbon prime aluminum ingot and slabs. Braidy plans to source 200,000 tons annually from Rusal under a 10-year supply arrangement to enable scaled production. With that supply, Braidy aims to target about 20% lower carbon emissions than its nearest competitor, positioning the mill as a lower-carbon manufacturer. The project explicitly relies on large, long-term material supplies—no U.S. producer can supply the required quantities at scale—and Rusal is presented as the only outside supplier able to meet that need. The announcement also includes a $200 million lead investment by Rusal for a 40% share in the Atlas, expected to close in the second quarter of 2019. Braidy Industries is a future-leaning advanced manufacturer of metals supplying the automotive, aerospace and defense sectors. Its first project is the Phase I construction of a $1.5 billion greenfield aluminum rolling mill at EastPark Industrial Center in Ashland, Kentucky, targeting 300,000 annual tons of production-ready series 5000, 6000 and 7000 aluminum sheet and plate. Less than one year after announcing the mill plans, the company completed a $75 million Series B common stock issuance at $10 per share and used the financing to close the acquisition of Veloxint. Veloxint, an MIT-incubated provider of ultra-high-strength alloys and powder-metallurgy solutions, will have manufacturing operations co-located with the Braidy mill while retaining and expanding its research and prototyping facilities in the Boston area. Veloxint will begin staffing advanced manufacturing roles and integrate its training program with Ashland Community and Technical College as part of Braidy’s Advanced Manufacturing Degree Program. The move is positioned to accelerate Braidy’s lightweighting solutions and support planned manufacturing scale-up.

Total raised

$275M

Funding rounds

2

Latest round

Equity

Latest activity

May 2019