Alpha HPA Secures $225M Funding for HPA Project Expansion

Published: Feb 6, 2026 15:18

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High-purity alumina producer Alpha HPA recently raised $225 million through an institutional placement, with the National Reconstruction Fund Corporation (NRFC) pre-committing $75 million. Existing shareholders, including Australian pension fund AustralianSuper and chemical company Orica, also participated in this round of financing, though some committed amounts remain undisclosed.

Of the funds raised, $210 million will be directly allocated to the construction and commercialization of Phase 2 of the HPA Stage 1 project, $5 million will be used to enhance the capacity of Phase 1, and the remaining $10 million will be allocated to general corporate operations and expenses related to this issuance. The Phase 2 facility in Gladstone is expected to be completed between the end of 2027 and early 2028.

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