LOUISVILLE, Ky. (WDRB) -- The company that hopes to build an much-anticipated aluminum mill near Ashland, Ky. has changed its name from Braidy Industries to Unity Aluminum.

The new name "signifies the company’s steadfast commitment to its customers, innovative technologies and local community in Ashland," according to a press release issued Thursday.

The company said in the release that it's making progress raising investor money for the $1.7 billion construction project, but it offered no specifics. As of early 2020, the company still needed to fetch about $500 million in equity to finance the project.

"Unity Aluminum’s leadership team, led by globally recognized metals expert Don Foster, has accelerated its plans to build the world’s most technologically advanced aluminum rolling mill at a time when global capacity is significantly constrained," the company said. "They are currently working to finalize fundraising and begin construction."

Braidy Industries was named after a daughter of its founder, Florida entrepreneur Craig Bouchard.

The other early investors in the company ousted Bouchard earlier this year, leading to a legal battle and a $6 million settlement to permanently remove him from the company's management and board.

Kentucky taxpayers provided $15 million of the first $20 million then-Braidy Industries raised in 2017 in an unusual deal led by former Republican Gov. Matt Bevin.

Gov. Andy Beshear, a Democrat, has vowed to get the state's money back if the plant is not built. 

Reach reporter Chris Otts at 502-585-0822, cotts@wdrb.com, on Twitter or on Facebook. Copyright 2020 WDRB Media. All rights reserved.