Apple commits $500M to U.S.-based rare earth recycling firm MP Materials
The tech giant announced on Tuesday that with this deal, it's committed to buying American-made rare earth magnets developed at MP Materials' flagship facility in Fort Worth, Texas. The factory will develop a series of neodymium magnet manufacturing lines specifically designed for Apple products.
Apple says that once the American-made magnets are built, they will be shipped across the country and all over the world to help address increasing global demand for the material.
The two companies will also collaborate to establish a rare earth recycling line in Mountain Pass, California. The facility will allow MP Materials to process recycled rare earth feedstock, including materials from used electronics and post-industrial scrap, and reuse it in Apple products.
In addition, the companies will work together to develop novel magnet materials and processing technologies to enhance magnet performance.
Apple says the commitment announced on Tuesday is part of its pledge to spend more than $500 billion in the U.S. over the next four years.
The tech giant first used recycled rare earth elements in the Taptic Engine of iPhone 11 in 2019. Today, almost all magnets across its devices are made with 100 percent recycled rare earth elements.
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