The Office of the Assistant Secretary of Defense for Industrial Base Policy, through its Manufacturing Capability Expansion and Investment Prioritization (MCEIP) office, issued an award to E-VAC Magnetics to establish a domestic rare earth permanent magnet manufacturing capability. E-VAC is part of VAC Group, a manufacturer of rare earth permanent magnets.
As per the agreement, the Defense Department will provide $94.1 million to E-VAC to acquire and install manufacturing equipment, operationalize technical infrastructure, and engineer production lines. E-VAC is expected to start producing high volume rare earth permanent magnet by 2025.
Subscribe to continue reading the article.
This article is part of our premium content offering.Subscribe with a RTTNews subscription.
Subscribe NowAlready subscribed? Sign in
For comments and feedback: editorial@rttnews.com