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Alpha HPA has raised $225 million to fund the construction of the world's largest High Purity Alumina (HPA) facility in Gladstone, Australia. Of this, $210 million will be allocated to the HPA First Project Stage 2, expected to complete by late 2027 or early 2028, while $5 million will upgrade Stage 1 capacity.

The remaining $10 million is for general corporate purposes. A share purchase plan will allow eligible shareholders to acquire new shares starting from 6 February 2025. The National Reconstruction Fund (NRF) will invest $75 million, creating 420 construction jobs and 80 ongoing roles in advanced manufacturing.

This investment is expected to enhance Gladstone's industrial capabilities and support the domestic production of HPA, crucial for semiconductors and lithium-ion batteries. The project will operate on 100% renewable electricity, significantly reducing emissions compared to traditional HPA production methods.