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MP Materials announced on Monday it has received a $58.5 million award from the US government to advance the construction of America’s first fully integrated rare earth magnet manufacturing facility.
Issuance of the tax credits, according to MP Materials, followed a “competitive, oversubscribed process” administered by the DOE that evaluated the technical and commercial viability and environmental and community impact of approximately 250 projects. These products will be supplied to General Motors, a foundational customer of MP Materials with whom it has signed a definitive supply agreement, to support the production of electric vehicles in North America. In addition to EVs, NdFeB magnets are critical inputs to robots, wind turbines, drones, defense systems, and many other high-growth technologies.
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