{"id":1004708545,"date":"2024-04-02T02:46:45","date_gmt":"2024-04-02T10:46:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004708545"},"modified":"2024-04-02T05:13:49","modified_gmt":"2024-04-02T13:13:49","slug":"mp-materials-lands-59m-for-rare-earth-magnet-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mp-materials-lands-59m-for-rare-earth-magnet-facility\/","title":{"rendered":"EV Magnet Factory Attracts $59M for Construction"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2f89dd39f66&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"749\" data-attachment-id=\"1004708551\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/mp-materials-lands-59m-for-rare-earth-magnet-facility\/mp-materials-fort-worth-facility\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/MP-Materials-Fort-Worth-facility.jpg\" data-orig-size=\"1000,749\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1697459164&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"MP Materials Fort Worth facility\" data-image-description=\"&lt;p&gt;The manufacturing facility in Fort Worth, Texas.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Construction on the 200,000-square-foot facility started in April 2022. Image courtesy of MP Materials&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/MP-Materials-Fort-Worth-facility.jpg?w=1000\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/MP-Materials-Fort-Worth-facility.jpg\" alt=\"MP Materials' manufacturing facility in Fort Worth, Texas.\" class=\"wp-image-1004708551\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/MP-Materials-Fort-Worth-facility.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/MP-Materials-Fort-Worth-facility.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/04\/MP-Materials-Fort-Worth-facility.jpg?resize=768,575 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Construction of the 200,000-square-foot facility started in April 2022. <em>Image courtesy of MP Materials<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>MP Materials has obtained a $58.5 million award to advance construction on the first fully integrated rare earth magnet manufacturing facility in the U.S. The developer broke ground on the Fort Worth, Texas, development in April 2022.<\/p>\n\n\n\n<p>The IRS and Treasury issued the Section 48C Advanced Energy Project tax credit allocation after the Department of Energy conducted an evaluation of approximately 250 projects, assessing their technical and commercial viability, as well as their environmental and community impact.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/challenges-and-solutions-for-expanding-ev-manufacturing\/\">Challenges and Solutions for Expanding EV Manufacturing<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>The 200,000-square-foot property is part of MP\u2019s plan to invest $700 million over the next two years in restoring the U.S. rare earth magnetics supply chain. Located within the 27,000-acre AllianceTexas development, the facility is expected to produce magnets powering approximately 500,000 EV motors per year.<\/p>\n\n\n\n<p>The company is currently producing magnet precursor materials in a pilot facility in North America. The firm plans to start commercial production of precursor materials in Fort Worth this summer and finished magnets by late 2025.<\/p>\n\n\n\n<p>General Motors, MP\u2019s foundational customer, will receive the product supplies to bolster its North American EV production. Demand for neodymium-iron-boron magnets is expected to triple by 2035 according to MP. They are used in the electric motors and generators that power hybrid and electric vehicles, robots, wind turbines and drones.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-ev-sector-sees-major-growth-in-the-u-s\">EV sector sees major growth in the U.S.<\/h2>\n\n\n\n<p>In 2023, sales of new <a href=\"https:\/\/www.commercialsearch.com\/news\/ev-centered-manufacturing-surges-across-the-us\/\">electric vehicles<\/a> grew to 7.6 percent of the overall market, considerably higher than 2022\u2019s 5.9 percent and the 3.2 percent registered in 2021, according to research by <em>J.D. Power<\/em>.<\/p>\n\n\n\n<p>In November last year, Toyota <a href=\"https:\/\/www.commercialsearch.com\/news\/toyota-boosts-ev-battery-plant-investment-to-14b\/\">invested $8 billion<\/a> in its North Carolina EV battery manufacturing plant, bringing the total sum to $14 billion. Toyota Battery Manufacturing North Carolina will produce batteries for plug-in hybrid electric vehicles and battery electric vehicles using 100 percent renewable energy.<\/p>\n\n\n\n<p>A few months earlier, Hyundai Motor Group partnered with LG Energy Solutions for the construction of a <a href=\"https:\/\/www.commercialsearch.com\/news\/hyundai-lg-to-build-4-3b-ev-battery-plant\/\">$4.3 billion battery production plant<\/a> near Savannah, Ga. The joint venture expects to start battery production at the new facility by late 2025.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first U.S. facility of its kind will make enough product to power 500,000 million vehicles a year.<\/p>\n","protected":false},"author":3355,"featured_media":1004708551,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1586,21782,21748,21742,51973],"tags":[33192,37352,52059,37353],"class_list":["post-1004708545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dallas","category-development","category-industrial","category-latest","category-southwest","tag-general-motors","tag-internal-revenue-service","tag-u-s-department-of-energy-2","tag-u-s-department-of-the-treasury"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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