Atlantic Alumina Company has secured a total of $800 million in public and private funding during 2026 to revitalize the only remaining alumina refinery in the U.S. and establish domestic primary gallium production.
The financing is split evenly between $400 million from the U.S. Department of War and $400 million from private investors through a fund managed by Pinnacle Asset Management.
The latest financing includes $350 million of preferred equity and expands a $450 million partnership announced earlier in January.
Atlantic Alumina, or ATALCO, operates its refinery in Gramercy, Louisiana.
The facility is the only U.S. producer of smelter-grade alumina, the essential raw material used to manufacture aluminum for industries including aerospace, defense and automotive.
The refinery also produces chemical-grade alumina used in oil and gas refinery catalysts, refractories, fire suppressants, semiconductor ceramic casings and municipal water treatment.
The capital is also supporting ATALCO’s entry into gallium production.
Following the initial January investment, the company expanded alumina production capacity and constructed a pilot primary gallium production facility at Gramercy.
That facility is currently undergoing testing, with ATALCO expecting to deliver what it describes as the first domestic U.S. primary gallium production this fall.
Gallium can be recovered alongside alumina during the refining process.
After expanding beyond the pilot stage, ATALCO expects the Gramercy facility to produce as much as 50 metric tons of gallium annually.
The project supports more than 500 U.S. jobs and is intended to strengthen domestic supply chains for two minerals considered strategically important to industrial and defense manufacturing.
ATALCO also plans to begin research and development involving other critical minerals that can potentially be recovered from its bauxite residue.
The $800 million includes $400 million from the Department of War and $400 million from private investors, including funding through Pinnacle.
Pinnacle manages approximately $6 billion and specializes in global commodities markets. Goldman Sachs advised ATALCO and Concord Resources, while Aprio Advisory Group provided financial and transaction advisory support to Pinnacle and Concord.
KEY QUOTES:
“With $800 million of combined public and private capital behind this facility, we are on a clear path to supplying America’s aluminum smelters as well as producers of aerospace and defense systems with the alumina and gallium needed to move the country forward.”
Atlantic Alumina Company Statement
“This investment represents the War Department’s commitments to strengthen our supply chains, support the American workforce, and reinforce our already unparalleled military advantages.”
George K. Kollitides II, Director Of The Department Of War’s Economic Defense Unit
“ATALCO’s ability to meet the needs of U.S. industries with a reliable supply of alumina as well as the only domestically produced primary gallium demonstrates the impact of public-private collaboration in securing industrial supply chains.”
Jason Kellman, Chief Investment Officer Of Pinnacle Asset Management
