A Noveon Magnetics plant in Texas is at the vanguard of efforts to expand U.S. supplies of the tiny but vital industrial components at the heart of a global trade showdown.
The company’s first facility, less than an hour from Austin, began selling rare-earth magnets commercially in 2023, after a decade of development. The operation is modest, but its ramp-up is emblematic of the shift taking place as the West scrambles to catch up with China’s vast rare-earths industry. After the Asian nation announced export controls earlier this year, Scott Dunn, Noveon’s co-founder, found himself inundated with calls.
“Not only were we being asked to do what we had planned, we were asked to increase those volumes for what was planned by multiples,” said Dunn, whose company has inked deals with customers from carmaker General Motors to automation company ABB.
Rare-earth producers look to U.S.-led boom to blunt China’s power
