Atlantic Alumina Gets $350 Million in Funding from Defense Department, Pinnacle Asset Management

By Kelly Cloonan

Atlantic Alumina got new funding of $350 million in preferred equity as part of an expanded partnership with the Defense Department and Concord Resources Holdings Limited.

The funding brings total capital raised for Atlantic Alumina's facility in Gramercy, La. to $800 million since the start of the year, split evenly between the Defense Department and private investors through a fund managed by Pinnacle Asset Management, which is Concord's majority shareholder.

The company had disclosed $450 million in funding as part of the partnership in January.

The partnership aims to help Atlantic Alumina provide the U.S. with alumina needed for industrial supply chains across the country. The company said its facility is the only U.S. producer of smelter grade alumina, an essential raw material for aluminum metal.

The company expects to produce up to 50 metric tons of gallium per year at the Gramercy facility, and plans to begin research and development into processing other critical minerals recovered from its bauxite residue.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

August 28, 2026 16:47 ET (20:47 GMT)