Texas: Governor Abbott Announces MP Materials Rare Earth Magnet Manufacturing Expansion In Northlake

~ In a major announcement today, Governor Greg Abbott revealed that MP Materials Corp. will be expanding its presence in Texas by establishing a rare earth magnet manufacturing campus in Northlake. This expansion is expected to create over 1,500 new jobs and bring in more than $1.25 billion in capital investment.

To support this development, the Texas Enterprise Fund (TEF) has extended a grant of $12,880,500 to MP Materials for the development of the corporate operations on the campus. Additionally, a grant of $53,457,500 from the Texas Semiconductor Innovation Fund (TSIF) has been extended for the manufacturing facility on the campus.

Governor Abbott expressed his excitement about this investment and its potential impact on America's semiconductor manufacturing independence. He stated that this "Texas-sized" investment by MP Materials will not only create jobs but also reduce reliance on foreign supply chains. He also highlighted the strength of Texas' skilled workforce and advanced manufacturing expertise as key factors in attracting this expansion.

The new facility, named "10X," will focus on producing neodymium-iron-boron (NdFeB) magnets, which are essential components for semiconductor chip fabrication. Located just ten miles from MP's existing Fort Worth operations, this campus will significantly increase production of these high-performance magnets to support U.S. semiconductor manufacturing and decrease dependence on foreign suppliers.

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MP Materials Founder, Chairman & CEO James Litinsky emphasized that "10X" is about building industrial strength at a scale not seen in generations and praised North Texas' exceptional talent and infrastructure for making it possible. He also mentioned their partnership with the Department of War and their commitment to accelerating America's rare earth and magnet independence.

Senator Tan Parker echoed Governor Abbott's sentiments about Texas being an attractive destination for businesses due to its pro-growth policies. Representative Mitch Little expressed his excitement about the 1,500 new jobs being created and how they contribute to achieving the American dream and making the country more secure.

Town of Northlake Mayor Brian Montini also shared his enthusiasm for MP Materials' decision to invest $1.25 billion in their community, calling it a "historic milestone" and a testament to Northlake's potential as a hub for world-class industry and innovation. He credited the collaboration between various stakeholders for bringing this opportunity to Northlake and highlighted the long-term impact it will have on the region.

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Denton County Judge Andy Eads praised MP Materials' decision to locate in Denton County, stating that it will play a crucial role in strengthening U.S. rare earth production. He also emphasized the creation of high-quality jobs and how it reinforces Texas' leadership in critical technologies.

The Texas Enterprise Fund is a performance-based grant that aims to attract new businesses and create good-paying jobs in the state by competing with out-of-state locations. In 2023, Governor Abbott signed the Texas CHIPS Act into law, which established the Texas Semiconductor Innovation Fund (TSIF) and the Texas Semiconductor Innovation Consortium (TSIC). These programs, administered by the Texas CHIPS Office, are designed to leverage Texas' investments in the semiconductor industry and maintain its position as a leader in semiconductor manufacturing.

In conclusion, Governor Abbott's announcement of MP Materials' expansion in Northlake is a significant development for both Texas and America's semiconductor industry. With over 1,500 new jobs being created and a substantial investment being made, this project is expected to have a positive impact on both local communities and the nation's economy.

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