City Of Fort Worth: Tax Abatement Approved For MP Materials Magnet Factory In Fort Worth

Dallas TX

26 January, 2022

5:59 PM

Description

Press release from City of Fort Worth: January 26, 2022 The City Council unanimously approved a tax abatement agreement this week with MP Materials Corp., which will build its initial rare earth metal, alloy and magnet manufacturing facility in Fort Worth. The company has entered an agreement with General Motors to supply U.S.-sourced and manufactured rare earth materials, alloy and finished magnets for the electric motors in more than a dozen automobile models beginning in 2023. In Fort Worth, 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 its growing magnetics division, MP Magnetics. The facility will create more than 100 skilled jobs and be located in the AllianceTexas development in far north Fort Worth. The project is anticipated to result in at least $100 million in real and business personal property investment ($40 million in construction costs and $60 million in business personal property that will be installed at the facilities. NdFeB permanent magnets are critical inputs to the electric motors and generators that enable electric vehicles, robots, wind turbines, drones, defense systems and other technologies to transform electricity into motion and motion into electricity. Although development of permanent magnets originated in the United States, the U.S. has virtually no capacity to produce sintered NdFeB magnets today. Like semiconductors, which became linked to virtually every aspect of life as computers and software proliferated, NdFeB magnets are fundamental building blocks in modern technologies and will increase in importance as the global economy electrifies and decarbonizes.     Photo: The MP Magnetics facility will create more than 100 skilled jobs and be located in the Alliance Corridor.     Get articles like this in your inbox. Subscribe to City News.   This press release was produced by City of Fort Worth. The views expressed here are the author's own.