STILLWATER, Okla. (KFOR) — Oklahoma Governor Kevin Stitt announced a new company is setting up shop in Oklahoma to produce items used in everyday devices that you may not be aware of.
The first rare earth metal and manufacturing facility called USA Rare Earth will be a fully integrated U.S. based rare earth metal and sintered neo-magnet manufacturing facility located in Stillwater.
“We’re 100% reliant upon other countries for these products,” said Thayer Smith, President of USA Rare Earth.
USA Rare Earth plans to invest more than $100 million dollars in building the facility to convert rare earth oxides into metals, magnets, and other specialty material used in electric vehicles, wind turbines, electronics, and military hardware according to a news release.
“Oklahoma has long been on the cutting edge of energy innovation, and this project embodies the energetic, forward-thinking mentality of our state,” said Oklahoma Governor Kevin Stitt. “The USA Rare Earth project will help our state remain a leader in domestic energy production, further diversifying our economy while reducing U.S. dependence on foreign imports.”
The vision of USA Rare Earth is to fuel the green tech revolution.
KFOR asked Governor Stitt if this conflicted with his stance on the oil and gas industry.
“I don’t like the question that we’re just trying to protect oil and gas because, I don’t know who wrote that for you, but that’s simply not true,” said Stitt.
The project will bring in high paying jobs.
“These jobs have a median that’s 42% above the salary of the average county wage,” said Jennifer Springer, Director of Business Development at the Department of Commerce.
Smith said there is still some work that needs to be done before the facility is up and running.
The company said its goal is 2023, but they will need to do some construction work, and pilot manufacturing will need to take place in order to ensure the equipment is fully operational.