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Western Australia · Project vehicle (Alcoa: NYSE: AA)
Gallium recovery from alumina refining
Federal support (equity, loans, commitments)
~$174M (Defense, estimated)
as of Aug 31, 2026 · theoagseo.com
Open roles
—
no public job board
Federal awards
$15M
1 grants, contracts, loans
Last private raise
—
no Form D on file
Revenue
$13B
fiscal year ending 2025-12-31
Coming up
POLICY45X: advanced manufacturing
Wind components end after 2027. Solar and battery components: 75% in 2030, 50% in 2031, 25% in 2032, none from 2033. Critical minerals: 75% in 2031, 50% in 2032, 25% in 2033, none from 2034. Affects Critical Minerals & Materials.
+ THESISPOLICYFederal equity stakes in critical-minerals companies
Defense, Commerce and DOE have taken equity, warrants or loans in MP Materials, Lithium Americas, Vulcan Elements, USA Rare Earth and others; see the Minerals tab for the full list. Affects Critical Minerals & Materials.
+ THESISCONTRACTCivmec wins construction contract for Wagerup gallium plant
Civmec announced more than A$220 million in awards and extensions on October 5, 2026, including the construction contract for Alcoa's Wagerup gallium plant. The contracts are expected to be delivered across FY27 and FY28.
alcircle.com →+ THESISFUNDINGUS Department of War announces estimated $174M equity investment in gallium plant
The Department of War plans an estimated $174 million equity investment in the Wagerup gallium facility, projected to produce 100 metric tons of gallium metal a year. Alcoa of Australia will operate the plant with Export Finance Australia, the Japanese government and Sojitz. This matches the existing $174M value on the profile.
defence-industry.eu →+ THESISPOLICYForeign-entity (FEOC) supply-chain rules for tax credits
Notice 2026-15 explains how to calculate the material-assistance cost ratio and gives interim safe harbors for 45Y, 48E and 45X. Proposed regulations and safe-harbor tables are still to come. Affects Critical Minerals & Materials.
+ THESISPOLICYSection 232: processed critical minerals
Investigation concluded without tariffs; the President directed negotiations with trading partners and left other tools open. Affects Critical Minerals & Materials.
+ THESISFEDERAL AWARDDepartment of the Air Force contract$15M
200310!000243!5700!gr05 !afrl/vak air vehicles contractng!f3361503c3347 !a!n! !n! !20030620!20041220!004393138!004393138!001339472!n!alcoa inc !100 technical drive !alcoa center !p
usaspending.gov →+ THESISRead from SEC 8-Ks (bankruptcy, default, delisting, restatement, impairment, restructuring), cash runway in annual reports, Form D raises and the 30-day hiring trend. A prompt to look closer, not a credit rating.
No public job board on Greenhouse, Lever or Ashby, so hiring isn't tracked for this company yet.
Figures are for Alcoa Corp (parent company), not this business line alone.
| Fiscal year end | 2021-12 | 2022-12 | 2023-12 | 2024-12 | 2025-12 |
|---|---|---|---|---|---|
| Revenue | $12B | $12B | $11B | $12B | $13B |
| Net income | $429M | −$123M | −$651M | $60M | $1.2B |
Sources: company job boards (daily), SEC EDGAR, USAspending.gov, and the reviewed technology spreadsheets. Public records only cover US entities, so foreign companies and private firms that don't file will show gaps.
| Cash |
| $1.8B |
| $1.4B |
| $944M |
| $1.1B |
| $1.6B |
| R&D spend | $31M | $32M | $39M | $57M | $24M |
Matched recipient: ALCOA INC
Policy that applies
2026-10-05 · contract
Civmec wins construction contract for Wagerup gallium plantCivmec announced more than A$220 million in awards and extensions on October 5, 2026, including the construction contract for Alcoa's Wagerup gallium plant. The contracts are expected to be delivered across FY27 and FY28.2026-09-01 · funding
US Department of War announces estimated $174M equity investment in gallium plantThe Department of War plans an estimated $174 million equity investment in the Wagerup gallium facility, projected to produce 100 metric tons of gallium metal a year. Alcoa of Australia will operate the plant with Export Finance Australia, the Japanese government and Sojitz. This matches the existing $174M value on the profile.Filed by Alcoa Corp (parent company).