MP Materials Corp.(48C Self-Disclosed)

MP Materials is constructing America's first fully integrated rare earth magnet manufacturing facility in Fort Worth, Texas. Neodymium-iron-boron (NdFeB) permanent magnets are an indispensable component found in the electric motors and generators that power hybrid and electric vehicles, robots, wind turbines, drones, electronics, and critical defense systems. The U.S. is virtually 100% dependent on imports according to the Department of Commerce. MP will source the factory's raw material inputs from Mountain Pass, California, where it owns and operates America's only operational rare earth mine and separations facility. At the factory, NdPr oxide produced at Mountain Pass will be reduced to NdPr metal and then converted to NdFeB alloy and finished magnets, delivering an end-to-end supply chain with integrated recycling and world-class sustainability. MP will supply finished magnets to General Motors to support its North American EV production.

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.