MP Materials Corp. has announced plans to expand its operations in Texas by establishing a rare earth magnet manufacturing campus in Northlake. The project is expected to create over 1,500 new jobs and involves more than $1.25 billion in capital investment. To support the development, MP Materials will receive a Texas Enterprise Fund (TEF) grant of $12,880,500 for corporate operations and a Texas Semiconductor Innovation Fund (TSIF) grant of $53,457,500 for the manufacturing facility.
Governor Greg Abbott stated, “Hardworking Texans will advance America’s semiconductor manufacturing independence. This Texas-sized investment by MP Materials in Northlake will create more than 1,500 corporate, manufacturing, and engineering jobs and dramatically expand domestic manufacturing of rare earth magnets to reduce reliance on foreign supply chains. This expansion in North Texas reflects the strength of our skilled and growing workforce and our advanced manufacturing expertise. Working together with innovative industry partners, Texas will accelerate America’s leadership for decades to come.”
The new facility will focus on producing neodymium-iron-boron (NdFeB) magnets that are essential for advanced semiconductor chip fabrication. The campus, named “10X,” is located less than ten miles from MP’s current Fort Worth operations and aims to increase domestic production of high-performance magnets to support U.S. semiconductor manufacturing…