The National Reconstruction Fund Corporation (NRFC) has approved a $75 million cornerstone investment in Alpha HPA, supporting the development of the company’s High Purity Alumina (HPA) First Project in Gladstone.
The funding forms part of a $225 million capital raise, with the NRFC’s commitment acting as a catalyst to secure an additional $150 million from institutional investors, including Orica Limited and AustralianSuper. The project is scheduled to become operational by 2027.
The investment complements Alpha HPA’s existing long-term financing arrangements with the Northern Australia Infrastructure Facility (NAIF), Export Finance Australia (EFA) and Queensland Investment Corporation (QIC).
Once operational, the Gladstone facility is expected to strengthen Australia’s sovereign manufacturing capability and enhance supply chain resilience for critical materials. High Purity Alumina is a key input in semiconductor production, lithium-ion batteries and pharmaceutical manufacturing, where ultra-high purity standards are essential for performance and safety.
The project is designed to operate entirely on renewable electricity and will utilise Alpha HPA’s proprietary processing technology, enabling near-zero waste and low-emissions production. The company aims to position Australia as a reliable supplier within diversified global supply chains.
Beyond its industrial significance, the initiative is expected to deliver substantial economic benefits for regional Queensland. Alpha HPA currently employs around 130 people and anticipates creating approximately 120 additional permanent roles, alongside more than 420 construction jobs during the build phase.
NRFC Chief Executive David Gall described the investment as a strategic move to strengthen Australia’s economic security around critical materials essential to future industries. Export Finance Australia also reaffirmed its ongoing support through the Australian Government’s critical minerals facility and commercial financing programs.
NAIF welcomed the NRFC’s participation as a shareholder, highlighting the strategic importance of the Gladstone development for northern Australia.
Looking ahead, Alpha HPA is assessing the potential for a third stage expansion, reflecting strong customer interest and the scalability of its technology platform.
