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INNOVX, the business incubator and investor affiliated with Mohammed VI Polytechnic University (UM6P), has taken a bold step in accelerating Morocco’s industrial and energy ambitions. The company has secured over MAD 1 billion (approx. USD 110 million) in financing from Bank of Africa to support a large-scale industrial development by its subsidiary, Fluoralpha.
The project is set to rise in Jorf Lasfar, on Morocco’s Atlantic coast — a site that’s rapidly becoming a focal point for the country’s industrial and energy transition efforts. The financing forms part of a broader MAD 2.5 billion (USD 280 million) investment required for the initiative.
Founded in 2023, Fluoralpha is one of INNOVX’s newest ventures, with a mission to innovate within the fluorine-based products sector — a field gaining global relevance amid the rise of electric vehicles, advanced electronics, and green technologies.
At the heart of this project are two key production units:
- A 20,000-ton-per-year anhydrous hydrofluoric acid plant
- A 28,000-ton-per-year aluminum fluoride unit
Both compounds are critical for industries such as EV battery manufacturing, aluminum production, semiconductor fabrication, and advanced chemical processes. INNOVX’s Chief Financial Officer and Vice President of Support, Youssef Berrada, described the agreement as more than just a financial milestone. “This financing not only fuels the realization of this industrial initiative, but also lays the groundwork for future investments that align with the global shift toward cleaner energy,” he said.
For Fluoralpha CEO Jalil Skali, the agreement reflects deeper strategic significance. “This isn’t just financial backing — it’s a vote of confidence in our long-term vision,” Skali stated. He emphasized the company’s pioneering approach of transforming hexafluorosilicic acid — a by-product of Morocco’s abundant phosphate reserves — into high-value fluorine materials essential for future-focused industries. “Our goal is to position Morocco as a global center for fluorine-based products, supporting both the energy and digital technology transitions,” Skali affirmed.
Bank of Africa echoed these ambitions, seeing the partnership as a key step in enabling sustainable industrial growth. “We are proud to contribute to bringing this strategic venture to life,” said Khalid Nasr, Executive General Manager at Bank of Africa. “Our support reflects a deep commitment to fostering industrial innovation and helping Morocco emerge as a competitive regional hub.”
Fluoralpha’s strategic roadmap is centered around three high-impact value chains:
- Hydrofluoric acid – vital for semiconductors and lithium-ion battery production
- Aluminum fluoride – key to energy-efficient aluminum smelting
- Synthetic calcium fluoride – under development to strengthen global fluorine supply chains
These product lines are tailored to feed into major global sectors, including:
- Electric mobility
- Renewable energy storage
- Aluminum manufacturing
- Advanced electronics
- Specialty chemicals
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By tapping into Morocco’s natural resources and leveraging its strategic geographic position, Fluoralpha is positioning itself as a critical player in reshaping global supply chains tied to green and high-tech industries.
INNOVX, as a subsidiary of UM6P, continues to drive innovation-driven ecosystems across Morocco and the African continent. With a focus on energy, chemicals, agriculture, and water, the organization aligns closely with global priorities on food security, sustainability, and the energy transition.