The Connect May 2022
Reshoring Manufacturing: MP Materials Breaks Ground on The Corner of Independence & Victory
MP Materials has broken ground on its first rare earth metal, alloy and magnet manufacturing facility in the U.S. at AllianceTexas — literally at the corner of Independence Parkway and Victory Lane alongside the soon-to-be-completed expansion of Hwy-170. The pioneering new facility is a substantial component of a $700 million investment the company will make over the next two years to fully restore the U.S. rare earth magnetics supply chain. The project will create around 150 high-skilled and 1,300 indirect jobs.
“MP Materials is not only bringing its state-of-the-art magnetics facility to AllianceTexas, but also reshoring important next-generation manufacturing jobs to America,” said Ross Perot, Jr., chairman of Hillwood. “Securing and developing rare earth materials is one of the most important national security issues of our day, and we’re proud that AllianceTexas can partner with MP Materials to play a key role in America’s ability to power its future.”
MP Materials’ facility will have the capacity to produce approximately 1,000 tons of magnets per year, supporting the production of approximately 500,000 electric vehicle (EV) traction motors, with room to scale. MP Materials also co-announced a definitive supply agreement with General Motors to produce alloys and magnets for GM’s EV program and vehicles. In addition to EVs, the magnets produced at the facility are critical inputs to robots, wind turbines, drones, defense systems and many other high-growth technologies.
“This new MP Materials facility is an excellent fit for the groundbreaking work being done at AllianceTexas, and it presents an incredible opportunity to bring more advanced manufacturing jobs home to the U.S. right here in Fort Worth. Our local, state and national economic and mobility goals require secure development of rare earth magnets, and I am proud that Fort Worth will serve as a center for our nation's focus on advancing this effort,” said Honorable Mattie Parker, Mayor of Fort Worth.