INNOVX has signed a financing agreement with the Bank of Africa to support the development of its fluorine recovery project in Jorf Lasfar, Morocco.

INNOVX’s subsidiary, Fluoralpha, will receive over MAD1Bn (US$110M) from the Bank of Africa, which was firmed up in an agreement signed on 21 September 2025. This funding will support the development of a project to recover fluorine from phosphate processing, which will require a total investment of MAD2.5Bn (US$277M).

The company aims to construct an industrial production plant to produce 20ktpy of anhydrous hydrofluoric acid (AHF) and 28ktpy of aluminium fluoride (AlF3) sourced from the recovery of hexafluorosilicic acid (FSA), a by-product of phosphate processing.

Parallel to this, the company is developing synthetic calcium fluoride (CaF2) to supply fluorine to global markets, aiming to address the challenges posed by the limited availability of natural resources for fluorine.

To strengthen its position in the fluorine supply chain, Fluoralpha entered into a strategic partnership with Falcon Energy Materials (formerly known as SRG Mining) in May 2025. This partnership aims to supply AHF, a crucial component in the processing of spherical graphite, as feedstock for its pilot-scale active anode material (AAM) plant located in Morocco (see 28 May article).

With this project, Morocco is set to become the first African country to produce FSA-sourced AHF and AlF3. FluorAlpha will source FSA from OCP Nutricrops’s phosphate-based fertiliser processing units at its plant. This fertiliser plant is located in Jorf Lasfar, Morocco, making it ideally positioned to supply FSA to the fluorine recovery plant upon its commissioning.

OCP Nutricrops’s parent company, OCP Group, is a Moroccan state-owned entity. Morocco holds nearly 70% of the world’s phosphate reserves, which underpins OCP’s position as the largest global producer of phosphate and phosphate-based fertilisers.