Gov. Greg Abbott announced Thursday that MP Materials Corp. will establish a rare earth magnet manufacturing campus in Northlake called 10X.
10X is part of MP鈥檚 . This partnership was established in July to reduce foreign dependency for neodymium-iron-boron (NdFeB) magnets, which are used in a variety of products, including drones, robotics and AI data centers.
As part of the agreement, the Defense Department agreed to purchase $400 million in MP stocks. This strategic investment will position the department as the company鈥檚 largest shareholder.
The new facility will be located near Harmonson Road and FM156 in Northlake. It is expected to create more than 1,500 new jobs and represents over $1.25 billion in capital investment.
鈥淗ardworking Texans will advance America鈥檚 semiconductor manufacturing independence,鈥� Abbott said in a press release.
Denton County commissioners approved a tax abatement of up to $9.3 million over a 10-year term during a regular meeting on Jan. 29.
Abbott also announced that MP Materials received a Texas Enterprise Fund grant of $12.9 million for the development of the campus and a $54.4 million grant from the Texas Semiconductor Innovation Fund.
The new facility, located less than 10 miles from MP鈥檚 Fort Worth operations, is expected to significantly expand MP鈥檚 production.
The company expects to break ground soon, with engineering and equipment attainment already underway. Commissioning is expected to begin in 2028.
鈥淒enton County is proud to lead in advanced manufacturing, and MP Materials鈥� decision to locate in Denton County will play a pivotal role in strengthening U.S. rare earth production,鈥� Denton County Judge Andy Eads said in a press release. 鈥淭his facility w ill create high-quality jobs and reinforce the nation鈥檚 leadership in critical technologies.鈥�
The site was acquired from real estate investment and development firm Hillwood and will be located within the company鈥檚 AllianceTexas development.
鈥淎llianceTexas continues to attract advanced manufacturing that creates jobs, diversifies our economy and strengthens America鈥檚 supply chain,鈥� Hillwood chair Ross Perot Jr. said in a press release.
鈥淢P Materials has been a strong partner, and this competitive project demonstrates how city, county, and state leaders work together to secure significant new investment in North Texas.鈥�
CAMILA GONZALEZ can be reached at 940-566-6830 and cgonzalez@dentonrc.com.
