Ford Partnership Brings Rare Earth Magnet Facility to Belfast
The popularity of electric vehicles is reaching record highs, and the climb is expected to continue through the rest of the decade. As more consumers flock to EVs due to climate concerns, some people are still skeptical about making the switch due to availability and upfront costs. One new partnership may help address these red flags, as Ford is set to begin working with Ionic Rare Earths to create a new rare earth magnet recycling facility.
Helping EV Production
The plant will produce separated rare earth metals that will then be taken for alloy production and transformed into magnets for the car manufacturer’s EV models. This new deal has also received support from the United Kingdom’s government, which donated $2.5 million in order to reward the local venture for keeping production out of China.
Right now, Ford has four similar facilities, including another United Kingdom location that is projected to produce half a million units per year by 2026. In order to meet that goal, this new rare earth plant will need to create 600 tons of raw material on a yearly basis.
While the uptick in production will bring more EV vehicles to lots across the world, there are no official projections regarding how many cars will be produced thanks to this new facility. Regardless, experts are excited about the potential this move has for the EV industry and those who want to make the switch.
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