Apple has announced a $500 million investment in MP Materials – the only U.S. rare earth mining and processing operator – to support a new magnet manufacturing facility in Texas, adding to the firm’s existing plant in Alliance, North Fort Worth.
The deal – seen as a major win for bolstering U.S. supply chains and reducing dependence on China – comes just days after the Department of Defense put $400 million into MP Materials, followed by a Pentagon loan aimed at boosting domestic production.
Located in Alliance, Texas near the airport, MP Materials’ Fort Worth “Independence” facility began trial production of rare earth metals and magnets earlier this year, primarily to serve electric vehicle, drone, robotics, and defense industries…