✉news BusinessStartups first seen 1 d ago, last 9 h ago, peak #15
Pentagon Backs $134 Million Raise for US Rare-Earth Magnet Iron Startup
Original: Exclusive | Pentagon Joins $134 Million Raise for Startup to Make U.S. Iron for Rare-Earth Magnets
The Pentagon has joined a $134 million funding round for a startup aiming to produce iron in the United States for rare-earth magnets, according to the Wall Street Journal. The investment signals Washington's push to build a domestic supply chain for magnetic materials, which are critical to weapons systems, electric vehicles and electronics, and are currently dominated by Chinese production.
Why now: Concerns over US dependence on China for rare-earth materials and magnet supply chains have put Defense Department investments in this area in the spotlight.
PentagonWall Street JournalUS Department of Defense
Evidence
- Exclusive | Pentagon Joins $134 Million Raise for Startup to Make U.S. Iron for Rare-Earth Magnets · WSJ
API: https://socialmediatrends-api.osmike.com/v1/trends/362876