Morocco has taken a significant stride in its industrial and energy strategy, as INNOVX announced a strategic financing agreement worth over one billion dirhams (approximately $110 million) with Bank of Africa.
The funding is aimed at supporting the development of its subsidiary Fluoralpha in Jorf Lasfar, a project central to the Kingdom’s ambition to strengthen industrial sovereignty and integrate into global energy and technological value chains.
Founded in 2023, Fluoralpha specialises in the recovery of fluorine, a critical element extracted from Moroccan phosphate rock.
The project represents a total investment of 2.5 billion dirhams (nearly $280 million) and involves constructing two state-of-the-art industrial units.
The first will produce anhydrous hydrofluoric acid (AHF) with an annual capacity of 20,000 tons, while the second will focus on aluminum fluoride (AlF₃), capable of generating 28,000 tons per year. These materials are essential for electric batteries, semiconductors, aluminum production, and advanced chemical industries.
Youssef Berrada, INNOVX’s Chief Financial Officer and Vice President of Support, described the financing as “a major step in realising INNOVX’s ambition and its projects. It opens the way to new financing opportunities to support the energy transition.”
Jalil Skali, CEO of Fluoralpha, highlighted the project’s strategic importance: “We are transforming a by-product of Moroccan phosphate into essential materials for the industries of the future. Our ambition is clear: to make Morocco a global hub for fluorinated products, serving energy and technological transitions.”
The banking sector’s role was also emphasised. Khalid Nasr, Executive Director General of Bank of Africa, said, “This financing reflects the bank’s commitment to supporting innovative and sustainable initiatives that strengthen Morocco’s industrial development and its positioning as a regional hub.”
By exploiting the hexafluorosilicic acid (FSA) contained in phosphate rock, Fluoralpha is establishing critical value chains essential to Morocco’s industrial independence. The project positions the Kingdom at the heart of global industries in electric mobility, energy storage, aluminum, and advanced electronics, consolidating its role as a key player in the worldwide energy transition.
About The Author
