e-VAC to manufacture NdFeB permanent magnets for EV and defence applications in new US facility
January 17, 2024
e-VAC Magnetics, which is part of the VAC Group headquartered in Hanau, Germany, is set to establish US operations in South Carolina, building its first facility in Sumter County. The project is expected to bring in over half a billion dollars of investment and create 300 new jobs.
e-VAC produces rare earth neodymium-iron-boron (NdFeB) magnets, critical to automotive, defence, industrial and renewable energy applications. The facility, along with VAC’s extensive experience in rare earth magnet technology and process intellectual property, is anticipated to play a significant role in ensuring a resilient, US-based supply chain.
The company intends to build, own, and operate a new facility on 85 acres of land in the Pocotaligo Industrial Park located in Sumter County. The facility will house the production of permanent magnets for electric vehicles and defence applications. e-VAC has entered into an agreement with the US Department of Defense, which will provide $94.1 million for the acquisition and installation of manufacturing equipment, the establishment of technical infrastructure, and the engineering of production lines for the facility. The company plans to begin operations in late autumn of 2025.
South Carolina’s Technical College System will assist e-VAC in recruiting and training potential employees through the readySC program. A website with hiring information will be available next year.
The South Carolina Coordinating Council for Economic Development approved job development credits related to this project. Additionally, Sumter County was awarded a $23 million Rural Infrastructure Fund grant to cover the expenses related to land acquisition, site preparation, road improvements, water and wastewater improvements, and building construction related to this project. Another $2 million LocateSC grant was also awarded to Sumter County to offset infrastructure improvement costs for the Pocotaligo Industrial Park, which will benefit e-VAC.
“e-VAC is grateful for the support of the State of South Carolina, Governor Henry McMaster, Senator Lindsey Graham, and Representatives Jim Clyburn and Ralph Norman,” stated Dr Erik Eschen, CEO, VAC Group. “We are excited to become a member of the Sumter County community. This project represents a significant commitment by VAC to re-shore critical process and product technology, creating good paying and highly skilled jobs for residents of the community. With this support, we will directly contribute to US energy independence and national security.”
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