MP Materials Corp. selected a 120‑acre site in Northlake, Texas, to develop “10X,” the company’s planned large-scale rare earth magnet manufacturing campus. It’s located less than 10 miles from MP’s existing Independence facility in Fort Worth.
MP Materials will invest more than $1.25 billion to develop the largest and most strategic U.S. rare earth magnet manufacturing asset in history.
MP expects to create more than 1,500 direct manufacturing and engineering jobs at the site. The company anticipates breaking ground imminently.
This project is enabled by the State of Texas, Denton County, and the City of Northlake, which have approved a comprehensive incentive package totaling roughly $200 million over more than a decade, including grants, abatements and exemptions. The package includes more than $66 million in grants from the Texas Enterprise Fund (TEF) and Texas Semiconductor Innovation Fund (TSIF). The US Department of War is investing $700 million into the company.
The post Magnet Maker to Build $1.25B FW-Area Plant appeared first on Connect CRE.
