City Considers Abatements For Magnet Manufacturing Plant Aimed At Growing EV Market

Arlington TX

19 January, 2022

6:31 PM

Description

By Bob Francis, Fort Worth Report January 19, 2022 A company that manufactures materials for electric vehicles is likely to set up shop in Fort Worth as the city considers a seven-year tax abatement. MP Materials Corp. of Las Vegas announced in December plans to build its initial rare earth metal, alloy and magnet manufacturing facility in Fort Worth. Under the proposal, MP Materials will develop a 200,000-square-foot greenfield metal, alloy and neodymium-iron-boron (NdFeB) magnet manufacturing facility, which will also serve as the business and engineering headquarters for the company's magnetics division, MP Magnetics. The facility will be located at 13840 Independence Parkway in the AllianceTexas development. The mining of the materials will take place in California, but the magnets will be manufactured here. To read the full article, click here. Fort Worth Report is a nonpartisan, nonprofit news organization that produces factual, in-depth journalism about city and county government, schools, healthcare, business, and arts and culture in Tarrant County. Always free to read; subscribe to newsletters, read coverage or support our newsroom at fortworthreport.org.