MP Materials has received a $58.5 million award to advance its construction of America’s first fully integrated rare earth magnet manufacturing facility in AllianceTexas. The award is a tax credit allocation that is part of a U.S. Department of Energy program.
The details
According to a company news release, the credit was awarded following a competitive process administered by the U.S. Department of Energy that evaluated the technical and commercial viability as well as the environmental and community impact of approximately 250 projects.
The news release states MP Materials began constructing its Fort Worth manufacturing facility in April 2022. Company officials expect to commence commercial production of precursor materials in Fort Worth this summer and finished magnets by late 2025. MP will supply these products to General Motors—its foundational customer—to support GM’s North American electric vehicle production.
