Assahafa.com
INNOVX announced today the signing of a strategic financing agreement worth more than MAD 1 billion ($110 million) with Bank of Africa to support the development of its subsidiary Fluoralpha.
The funding will back a large-scale industrial project in Jorf Lasfar focused on fluorine recovery from Moroccan phosphate rocks.
Founded in 2023, Fluoralpha is positioning itself as a leader in fluorine-based products, a sector essential to global industries undergoing rapid transformation.
The Jorf Lasfar project represents a total investment of MAD 2.5 billion ($280 million) and includes the construction of two production units: one for anhydrous hydrofluoric acid (AHF) with an annual capacity of 20,000 tons, and another for aluminum fluoride (AlF₃) with an annual capacity of 28,000 tons.
Both products are critical to industrial chains such as electric batteries, aluminum, semiconductors, and advanced chemistry.
Youssef Berrada, CFO and VP Support at INNOVX, said the financing marks “a major step in bringing INNOVX’s ambition to life and expanding our projects. It also paves the way for future financing opportunities for other ventures under development, all serving the energy transition.”
Fluoralpha’s CEO, Jalil Skali, stressed the strategic dimension of the initiative: “At Fluoralpha, we are transforming a by-product of Moroccan phosphate rock into strategic materials essential to the industries of the future. Our ambition is clear: to establish Morocco as a global hub for fluorine products, serving both the energy and technology transitions.”
Bank of Africa’s Executive General Manager, Khalid Nasr, underlined the institution’s role in supporting Morocco’s industrial ambitions.
“This financing reflects our commitment to backing innovative and sustainable initiatives that strengthen Morocco’s industrial development and position it as a regional hub,” he said.
Driving industrial sovereignty
By unlocking the value of hexafluorosilicic acid (FSA) contained in phosphate rock, Fluoralpha is building strategic value chains that support Morocco’s industrial sovereignty.
The project aims to supply critical materials to global sectors: AHF for semiconductors and battery electrolytes, AlF3 for aluminum electrolysis, and synthetic calcium fluoride (currently under development) to diversify fluorine supply sources.
Through this project, Morocco positions itself at the center of global value chains in electric mobility, energy storage, aluminum, semiconductors, and advanced electronics, reinforcing its role in the global energy and technology transition.
Source: Morocco word news
