Late last year, we told you about a new magnet facility coming to the United States. Now, another facility has just received a major financial boost just before it is set to open. Let’s take a look at the goals of this plant, what the additional funding means, and how it can help consumers get what they are looking for.

A U.S. Based Magnet Facility

MP Materials, the owner of the rare earth plant, just announced $58.5 million in funding to help with the advancement of the project. The money comes from a 48C Advanced Energy Project tax credit from the IRS and U.S. Treasury after an assessment from the Department of Energy. Their study included 250 projects, but MP’s new location was chosen due to its potential technical and commercial impact. 

 

The plant will be located in Fort Worth, Texas. Construction initially started in 2022, with the goal of opening this summer. The facility we previously wrote about will prioritize defense applications, while this location will focus on the production of powerful Neodymium-iron-boron (NdFeB) magnets for broader uses, including EVs. After producing other materials, MP hopes to produce the finished magnets by the end of 2025.

What This Means for Consumers

Global demand for NdFeB is expected to triple within the next decade, accelerating the need for facilities like this one. These magnets are used in motors that can be used in applications big and small, including drones, household electronics, EVs, and more. MP will receive its raw materials from its own separation facility in Mountain Pass, California. So far, General Motors has stepped in as a top customer for their magnets to help with EV production. 

Get the Latest with Apex Magnets

Stay up to date with the latest happenings in the exciting world of magnets by subscribing to our monthly newsletter. By signing up, you will also receive fantastic DIY project ideas, exclusive coupons, and so much more. If you ever have a question about a product, we are here to help! We offer full service that is geared towards helping you make the perfect selection. Just call us at 1-304-257-1193 to speak to a helpful associate.