A rare earth magnet factory is coming to Fort Worth - and it will attract hundreds of new jobs.
Las Vegas-based MP Materials is building its new rare earth magnet factory off of Alliance Gateway Freeway in Fort Worth's Alliance corridor.
James Litinsky, the founder, chairman and CEO of MP Materials, says magnets are synonymous with modern life.
"Rare earth magnets are really what will power motion, electric vehicles, wind turbines, drones, robots, robot dogs, air taxis, whatever - we could go on and on," Litinsky said during Thursday morning's groundbreaking ceremony.
The new facility will reshore 150 skilled jobs and about 1,300 indirect jobs.
"This new rare earth magnetics production facility will be pivotal in developing Texas's supply chain and the national supply chain," said Adriana Cruz, executive director, Office of Gov. Abbott, "bolstering our high-tech industries and increasing our national security."
"Right now, most renewables and their batteries are coming from China," adds Ross Perot Jr., the chairman of Hillwood, the developer of AllianceTexas. "We will not put our nation at risk with the Chinese."
Production at the new facility is expected to begin late next year.
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