Project Traits
State: South Carolina
Congressional District: SC06
Organization Type: Commercial
Partner Organization(s) Type: None or Unknown
Project Type: Manufacturing
Energy Sector: Critical Minerals
Energy Subsector: Rare Earth Magnets
Project Start Year: Unknown
Project Launch Year: Unknown
Outcomes & Impacts
Private Investment: Unknown
Jobs Announced or Created: 300
People Served: Unknown
Projected Economic Impact: Unknown
eVAC Magnetics leads manufacturing of rare earth permanent magnets in the Western Hemisphere with the advancement of its first U.S. manufacturing facility in Sumter, SC, projected to create 300 new jobs, with operations beginning in the fall of 2025. eVAC, which is part of the Vacuumschmelze Group, produces rare earth neodymium-iron-boron (NdFeB) magnets, which are critical to automotive, defense, industrial and renewable energy applications.
The U.S. Department of Energy (DOE) released applicant self-disclosed information for 22 projects across 17 states that voluntarily shared with DOE that they received a total of nearly $1 billion in allocations from the Qualifying Advanced Energy Project Credit (48C). Nine of the self-disclosed projects indicated they are located in 48C energy communities – communities with closed coal mines or coal plants—showcasing the Biden Administration’s commitment to investing in America’s energy communities.