DoD $94.1 million agreement with e-VAC Magnetics, 2023
U.S. Department of Defense agreement providing $94.1 million to E-VAC Magnetics, LLC to acquire and install manufacturing equipment, operationalize technical infrastructure, and engineer production lines for the Sumter, South Carolina sintered NdFeB magnet plant. Issued by the Office of the Assistant Secretary of Defense for Industrial Base Policy through its Manufacturing Capability Expansion and Investment Prioritization (MCEIP) office; the agreement was entered in September 2023 as part of DoD's Mine-to-Magnet supply chain initiative and was announced with the facility on December 13, 2023 by the South Carolina Department of Commerce. A September 2024 Ara Partners release characterizes the September 2023 funding as a Defense Production Act Title III grant.
Financial state: Obligated
Program: Defense Production Act Title III · U.S. Department of Defense
Terms
| Amount | $94.1M (amount the DoD agreement will provide to acquire and install manufacturing equipment, operationalize technical infrastructure, and engineer production lines) |
|---|
Immutable financial events
- Dec 13, 2023 · Obligated
Sources
- National Defense Transportation Association (republication of the September 2023 DoD announcement) · published Sep 21, 2023 · retrieved Aug 11, 2026 · archive
- South Carolina Department of Commerce · published Dec 13, 2023 · retrieved Aug 11, 2026 · archive
- e-VAC Magnetics (PR Newswire) · published Apr 9, 2024 · retrieved Aug 11, 2026 · archive
- Ara Partners (PR Newswire) · published Sep 5, 2024 · retrieved Aug 11, 2026 · archive