America’s first fully integrated manufacturing facility could produce rare earth magnets by late 2025 — straight from Fort Worth.
MP Materials , a mining company headquartered in Las Vegas, currently owns and operates the only rare earth mining and processing site in North America.
The company recently received a $58.5 million award for the continued construction of the manufacturing facility in AllianceTexas, which began construction in April 2022.
The funding comes from a Department of Energy tax credit for projects that have an environmental and community impact.
But what is it?
“Neodymium-iron-boron (NdFeB) magnets are the world’s most powerful and efficient permanent magnets,” the company said in a press release.
The green energy component is found in electric motors and generators for hybrid and electric vehicles, robots, wind turbines, critical defense systems + more.
MP Materials plans to start commercial production of precursor materials this summer + will provide finished magnets to General Motors for electric vehicle production.