IperionX Limited (Nasdaq | ASX: IPX) announced the execution of a commercial partnership agreement (the “Agreement”) with Officine Panerai, a branch of Compagnie Financière Richemont SA (SWX: CFR, market capitalization US$65 billion) to produce unique high-end timepieces from sustainable, fully recycled titanium, using IperionX’s patented technologies.
IperionX has worked closely with Panerai’s product and technical teams to identify watch designs to be produced using IperionX’s low-carbon, recycled titanium metal powders via additive manufacturing methods.
IperionX has produced prototype watch blanks for Panerai and will commence manufacturing of a watch case for a limited edition design that will be released to market in 2023. IperionX and Panerai continue to work on additional watch designs that will incorporate additional sales agreements for future watch designs.
This agreement represents an important milestone for IperionX in entering the fast-growing luxury goods market. Importantly for IperionX, the demanding specifications, advanced alloys and manufacturing techniques used in the luxury goods market transfers directly into titanium applications for the high growth smart watch, wearable device and smartphone market which is now approaching ~$500 billion annual sales. IperionX sees significant potential to establish a low carbon, closed loop and circular supply of titanium, which is superior to existing aluminum and stainless steel applications in these markets.
Anthony Serpry, Research and Development Director at Panerai said: “Panerai has steadily expanded its efforts to promote sustainable practices through operational, outreach, and educational initiatives to maintain a sustainable environment and healthy oceans. IperionX’s fully recycled titanium provides a way for Panerai to produce top of the line luxury goods with sustainable titanium which provides a high end experience for our customers.
Panerai is leading the way for luxury brands in both quality and sustainability. The next generation metals such as IperionX’s fully recycled titanium will enable Panerai to deliver on both quality and sustainability.”
Anastasios (Taso) Arima, CEO and Managing Director said: “Panerai and Richemont have been leaders in the application of titanium metal alloys in luxury watches, and they are again leading the market to build a low carbon, circular supply chain using IperionX’s superior titanium product range.
Our partnership agreement with Panerai represents a major milestone in the luxury goods sector. For IperionX this demonstrates the potential in other consumer facing sectors which are demanding fully recycled and sustainable, low carbon materials. One of the most exciting sectors are the high growth markets in smart watch, wearable device and smartphone markets.”
Find out more about IperionX at iperionx.com.
For more information about Panerai, please visit panerai.com.