USA Rare Earth secures $1.6 billion in federal funding for Stillwater magnet plant
Federal commitment follows $7 million local incentive as company abandons experimental mining technology for conventional methods
USA Rare Earth announced Monday it has secured a commitment for $1.6 billion in federal support to expand its Stillwater magnet manufacturing facility, one of the largest investments under the 2022 Creating Helpful Incentives to Produce Semiconductors and Science Act for critical mineral production.
The company also raised $1.5 billion from private investors, bringing total new capital to $3.1 billion for what officials say will become America's first fully domestic rare earth magnet production operation.
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