E-Vac: Rare Earth Magnet Facility to Be Built in South Carolina

by | 15. Dec 2023 - 10:02 | Finances

The project by E-Vac Magnetics, a German magnet manufacturer VAC Group subsidiary, will be the second large-scale rare earth magnet plant in the U.S.

Rare earth magnets are used in various fields of application, from electric vehicles to offshore wind turbines to smartphones. At the same time, China dominates global production, accounting for roughly 90 percent. This dominance has prompted voices for reshoring production to grow louder in the recent past. Earlier this year, E-Vac, the U.S. subsidiary of German magnet manufacturer Vacuumschmelze (VAC), reached an agreement with the U.S. Department of Defense over constructing a rare earth magnet plant in the U.S. E-Vac has now found a suitable location. According to the South Carolina Department of Commerce, the facility will be built in Sumter County, South Carolina. The department added that the plant will provide the county with 300 jobs and attract further investment of half a billion dollars.

South Carolina Coordinating Council for Economic Development has awarded a $13 million rural infrastructure fund grant to Sumter County to assist with the associated costs. In addition, the Department of Defense will provide $94.1 million to purchase and install manufacturing equipment, technical infrastructure, and engineering production lines.

E-Vac’s South Carolina project marks the second large-scale rare earth magnet facility in the U.S. MP Materials, which operates the sole U.S. rare earth mine, Mountain Pass, is building another magnet manufacturing plant in Fort Worth, Texas.

Photo: iStock/xiao zhou

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