Press Release
Press Release
Press Contacts: Erik Cummins, Matt Hyams, Taina Rosa, Olivia Meyer
10.09.26
Pillsbury’s Margarita Kelrikh led the team advising Hertha Metals on its $133.65 million Series A funding round. Hertha Metals is developing the world’s first single-step process for producing steel and high-purity iron to support lower-cost domestic production.
The round included a $65 million equity investment from the U.S. Government through its Industrial Base Analysis and Sustainment program, in partnership with the Economic Defense Unit. Khosla Ventures and Doerr Capital co-led the round, with participation from CEV, Pear Ventures, Gates Frontier, Niterra SUISO no MORI Fund, Toyota Ventures and Siemens Financial Services.
The funding will support the construction of Hertha Chalyx, a facility designed to produce 10,000 tons of steel-grade and magnet-grade high-purity iron. Together with Hertha’s Pi100 pilot plant, the facility will produce steel and high-purity iron at a single site to serve U.S. magnet and defense manufacturers.
Hertha currently operates a 360-ton-per-year demonstration facility in Conroe, Texas. Construction of Hertha Chalyx is expected to begin this year.
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In addition to Kelrikh, the Pillsbury team included Corporate partner Glenn Luinenburg and associates Nathan Lewko and Thomas Burnham; Government Law & Strategies partner Craig Saperstein; Energy partner William Fork; and International Trade senior counsel Sahar Hafeez and counsel Zachary Rozen.