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- IperionX (IPX) signs a partnership agreement with Officine Panerai to produce high-end timepieces using fully recycled titanium from the company’s patented technologies
- As part of the agreement, IPX will produce prototype watch bands for Panerai and will commence manufacturing a watch case for a limited edition design that will be released to market in 2023
- For IperionX, the agreement represents an important milestone for it in entering the fast-growing, $236 billion global luxury goods market
- Shares in IperionX end the day in the grey to close at 98 cents
IperionX (IPX) has signed a commercial partnership agreement with Geneva-based watchmaker Officine Panerai to produce high-end timepieces using fully recycled titanium from its patented technologies.
As part of the agreement, the company produced prototype watch bands for Panerai and will commence manufacturing a watch case for a limited edition design that will be released to market in 2023.
Further, the company will continue to work on additional watch designs that will incorporate additional sales agreements for future watch designs.
For IperionX, the agreement represents an important milestone for it in entering the fast-growing, $236 billion global luxury goods market.
Moreover, the demanding specifications and manufacturing techniques in the luxury goods market directly transfers into titanium applications for the high growth smart and wearable device market which is just shy of $500 billion in annual sales.
IperionX CEO and Managing Director Anastasios Arima complimented Panerai and its parent company Richemont as leaders in the application of titanium metal alloys in luxury watches while leading the market to build a low carbon, circular supply chain.
The company sees “significant potential” to establish a low carbon, closed loop and circular supply of titanium, which is a more durable option than the existing aluminum and stainless steel applications in the market.
“For IperionX, this demonstrates the potential in other consumer facing sectors which are demanding fully recycled and sustainable, low carbon materials,” Mr Arima said.
“One of the most exciting sectors are the high growth markets in smart watch, wearable device and smartphone markets.”
Shares in IperionX ended the day in the grey to close at 98 cents.
