Fort Worth Magnet Plant Attracts Attention Because Of National Security Needs

Arlington TX

01 May, 2022

8:16 PM

Description

By Bob Francis, Fort Worth Report April 30, 2022 When MP Materials broke ground on April 13 on a 200,000-square-foot magnet manufacturing facility, bringing 150 high-skill jobs to the area, it was more than just a win in the economic development column for Fort Worth. The plant is also a step in restoring the domestic supply chain for rare earth magnetics, a key component for electric vehicles, wind turbines and other parts of modern life. Many see restoring the supply chain as a national security issue. "We must have energy independence with U.S. made renewables," said Ross Perot Jr., chairman of Hillwood and the Perot Group, who worked with the city of Fort Worth and MP Materials to bring the magnet facility to the AllianceTexas development. "If not, we're going to put our whole nation at risk, and right most renewables and the batteries are coming from China." China dominates the global supply chain for rare earth metals and magnets, having 58% of rare earth mining and 92% magnet manufacturing in 2020, According to a Department of Energy study. 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.