MP Materials Corp. has announced plans to build its initial rare earth metal, alloy, and magnet manufacturing facility in Fort Worth.
The company said it has entered into an agreement with General Motors to supply U.S.-sourced and manufactured materials for the electric motors in more than a dozen automobile models beginning in 2023.
In Fort Worth, MP Materials will develop a 200,000 square-foot greenfield metal, alloy, and neodymium-iron-boron magnet manufacturing facility.
The facility will also serve as the business and engineering headquarters for its growing magnetics division, MP Magnetics, the company said.
MP Materials said the facility will create more than 100 skilled jobs and be located in the AllianceTexas development in far north Fort Worth.
According to MP Materials, these NdFeB permanent magnets play an important role in the electric motors and generators that enable electric vehicles, robots, wind turbines, drones, defense systems, and other technologies to transform electricity into motion and motion into electricity.
Though development of permanent magnets originated in the United States, the U.S. has virtually no capacity to produce these NdFeB magnets today, MP Materials said.
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MP Materials said these magnets are fundamental building blocks in modern technologies and will increase in importance as the global economy electrifies and decarbonizes.