SYDNEY, Jan. 29 (Xinhua) -- An Australian company said on Thursday that it hopes to produce 10,000 tons of high purity alumina (HPA) per year after receiving government financing.
The federal government's National Reconstruction Fund Corporation (NRFC) on Thursday announced it will invest 75 million Australian dollars (53.1 million U.S. dollars) in Alpha HPA, taking a 6.9-percent stake in the advanced materials company based in the northeastern state of Queensland.
The NRFC said in a statement that the investment would allow Alpha HPA to complete an expansion that involves building the world's largest single manufacturing facility for HPA with an annual production capacity of 10,000 tons.
HPA was officially added to Australia's list of critical minerals in 2022 and is in high demand for its use in cooling semiconductors that power artificial intelligence (AI) data centers.
The expansion of Alpha HPA's facility in central Queensland will make it Australia's first commercial-scale operation producing the precious mineral.
David Gall, chief executive officer of the NRFC, said that Alpha HPA's technique produces around 70 percent less greenhouse gas emissions than current methods of creating HPA.
"The NRFC is delighted to be supporting an Australian company that is commercializing breakthrough IP to create products the world and Australia will increasingly need," he said in a statement.
The NRFC was established by the federal government in 2023 to provide financing for projects that diversify and transform Australia's industry and economy. ■
