Hertha targets a supply-chain gap: the U.S. imports almost all of the high-purity iron used in rare-earth magnets and 25% of finished steel, while its single-step Flex-HERS process is designed to lower production costs and emissions versus blast furnaces. The $133.65M Series A, including a $65M U.S. government equity investment, finances Hertha Chalyx, a planned 10,000-tonne facility alongside its 360-ton-per-year demonstration plant, betting that domestic cost-competitive output can support magnets, defense, electric vehicles, and steelmaking.