MP Materials CEO James Litinsky, Perot Group and Hillwood Chair Ross Perot Jr., Fort Worth Mayor Mattie Parker and General Motors Executive Director Anirvan Coomer will join civic and community leaders Thursday, April 21 at 10 a.m. to announce the start of construction on a new 200,000-square-foot rare earth magnetics manufacturing facility.

The facility is located in Hillwood’s 27,000-acre, mixed-use development, AllianceTexas. Production is expected to begin in late 2023. MP will manufacture magnets for electric vehicle motors at the site. These are needed to advance the technology that will help drive a green economy. The project will create around 150 permanent high-skill jobs and approximately 1,300 indirect jobs.

Rare earth materials and magnets are critical to America’s most important industries, from technology and energy to healthcare and automobiles. As such, demand for rare earth magnetics is expected to double by 2030. No fully integrated rare earth magnetics facilities exist today in the United States. At the event, MP and General Motors expect to announce new details regarding a supply agreement.

MP Materials is investing approximately $700 million to restore the full rare earth supply chain to the United States. MP’s Fort Worth magnetics facility will source feedstock from the company’s mine and processing facility in California at Mountain Pass.

In February, President Joe Biden announced that the Department of Defense had awarded MP Materials $35 million to separate and process heavy rare earth elements at Mountain Pass.

For more information on the new facility, please see this press release.