Magrathea and Wogen Sign Offtake Distribution Partnership with $10M Working Capital Injection
San Francisco, 7 January 2026 - Magrathea, a technology company building the US’s only new magnesium metal smelter, has formed an offtake and distribution partnership with global metals trader Wogen who will also support capitalization of Magrathea’s commercialization with a $10 million working capital commitment.
In November 2025, Magrathea signed a term sheet with TETRA Technologies, Inc. (NYSE: TTI) to form a joint venture called Arkansas Magnesium. The joint venture will build a magnesium smelter in Southwest Arkansas at TETRA’s Evergreen chemical campus. The partnership reduces capital and operating costs by leveraging TETRA’s energy, land, supply chain, and operational capabilities.
Magrathea has non-binding offtake agreements with customers representing nearly 200,000 tonnes per year of ex-China magnesium metal demand and has pre-sold metal to a Detroit “Big 3” automaker. Magrathea has now formed another major catalytic partnership with Wogen, who will distribute a portion of the metal from Arkansas Magnesium’s Commercial Phase 1 and Phase 2 plants. Magrathea plans to place up to 7,000 tonnes per year of magnesium into the market by 2029, taking advantage of the trading house’s experience getting metal into the hands of customers.
As part of this partnership, Wogen will contribute $10 million in working capital for Commercial Phase 2 at competitive financing terms. This capital infusion will support Arkansas Magnesium’s execution and ensure robust market access for magnesium products. Wogen will collaborate with Magrathea to actively engage customers on an exclusive basis.
“Wogen has seen it all over the past 30 years of ex-China magnesium project development efforts and we’re honored they’re choosing us to team up,” said Alex Grant, CEO of Magrathea. “We are excited to work with their team to deliver the US’s first new magnesium metal this century into the hands of major customers from aluminum companies to magnesium die casters to aerospace and automotive giants.”
“We are excited to be working with Magrathea in bringing this important producer of a critical commodity to market,” said John Craig, CEO of Wogen. “Wogen has extensive experience in the US magnesium market and we are looking forward to working with the excellent team at Magrathea as they go about developing this highly innovative producing asset.”
Magnesium is the “gateway metal” used across the defense industrial base and economy. It is critical for aerospace with 400 pounds of it used in a single Blackhawk helicopter, is vital in every aluminum alloy, and is essential for primary steelmaking. Magnesium is consumed in making several other critical materials including titanium for aerospace, hafnium and zirconium for nuclear, beryllium for electronics, and amorphous boron for kinetics. Magnesium is designated a critical mineral by the Department of Energy, Department of War, and Department of the Interior.
About Magrathea
Magrathea is a technology company founded in California that has developed a new generation of electrolytic process for making clean, secure magnesium metal from seawater and brines. Magnesium supply underpins trillions of dollars of trade and national security is impossible without it and Magrathea is the category leader in re-building ex-China supply of the critical material. For media inquiries, please contact media@magratheametals.com.
About Wogen
Wogen is a global metals and minerals trading company headquartered in London. They specialize in sourcing, marketing, and distributing a wide range of raw materials and specialty metals, including ferroalloys, rare earths, and minor metals. Their business model focuses on building long-term relationships with producers and consumers worldwide, offering logistics, financing, and risk management solutions to support the supply chain. Wogen has decades of experience in niche markets and prides itself on technical expertise and global reach.