INNOVX secures over 1 billion dirhams financing from Bank of Africa for fluorine project

INNOVX, a subsidiary of Mohammed VI Polytechnic University (UM6P), has signed a financing agreement worth over 1 billion dirhams with Bank of Africa to support its subsidiary Fluoralpha, dedicated to recovering fluorine from Moroccan phosphate rocks.

The deal will help fund a large-scale industrial project in Jorf Lasfar with a total investment of MAD 2.5 billion, INNOVX announced in a press release on September 21.

Created in 2023, Fluoralpha will convert hexafluorosilicic acid (FSA), a by-product of phosphate, into strategic inputs such as AHF (anhydrous hydrofluoric acid), used in batteries and semiconductors; AlF₃ (aluminum fluoride), essential for aluminum production; and synthetic CaF₂ (synthetic calcium fluoride), designed to secure and diversify the global fluorine supply beyond limited natural resources. 

«This financing marks a major step in bringing INNOVX’s ambition to life and expanding our projects», said Youssef Berrada, CFO & VP Support at INNOVX. Jalil Skali, CEO of Fluoralpha, stressed: «Our ambition is clear: to establish Morocco as a global hub for fluorine products, serving both the energy and technology transitions».

Bank of Africa welcomed the partnership. «This financing reflects our commitment to backing innovative and sustainable initiatives that strengthen Morocco’s industrial development», declared Khalid Nasr, Executive General Manager.

This project aims to strengthen Morocco’s position in global value chains linked to electric mobility, energy storage, semiconductors, and specialty chemicals.