Hertha Metals, the steel company behind the world's first single-step has announced the close of a $133.65 million Series A round, including a $65M equity investment from the U.S. Government, executed through its Industrial Base Analysis and Sustainment (IBAS) program in partnership with the Economic Defense Unit. The round was co-led by Khosla Ventures and Doerr Capital, with participation from CEV, Pear Ventures, Gates Frontier, Niterra SUISO no MORI Fund (General Partner: Global Brain), Toyota Ventures and Siemens Financial Services. IBAS is a federal program that funds projects to strengthen and modernize the defense industrial base.

Hertha Metals is producing steel at lower cost, with ore-grade flexibility, and with significantly reduced emissions than conventional methods, using fully domestic iron ore and natural gas. Hertha is reshoring iron and steel production, enabling more jobs, and providing manufacturers with access to cost-competitive, high-quality steel and iron while meeting sustainability goals. The company partners with steel producers and supplies critical high-purity iron to rare-earth magnet manufacturers, helping secure domestic supply chains and advance American manufacturing competitiveness.