South Carolina allocates $13M for rare earth permanent magnets manufacturer

(The Center Square) — The South Carolina Coordinating Council for Economic Development awarded a $13 million grant to help Sumter County offset costs related to a manufacturer of rare earth permanent magnets establishing operations in the state.

In addition to the Rural Infrastructure Fund grant, the council awarded a $2 million LocateSC grant to offset costs associated with infrastructure improvements for Sumter County’s Pocotaligo Industrial Park. It also approved job development credits for the project, which should create 300 new jobs.

e-VAC, part of the VAC Group, plans to spend more than $500 million to build and operate a new facility on 85 acres that will produce permanent magnets for electric vehicles and defense applications. The U.S. Department of Defense entered into an agreement with e-VAC and will provide $94.1 million to acquire and install manufacturing equipment, operationalize technical infrastructure and engineer production lines for the facility.

"The arrival of e-VAC Magnetics in Sumter County is a testament to our state’s booming economic growth and our commitment to fostering an environment that attracts business and opportunity," House Speaker Murrell Smith Jr., R-Sumter, said in an announcement.

"With the addition of 300 new jobs in the region, e-VAC will be a welcome partner to the readySC program, our technical schools, and the larger community," Smith added. "South Carolina continues to be a leader in the advancing electric vehicle sector, and I could not be prouder to continue this trend in Sumter County."

According to a news release, operations at the facility should start in late fall 2025.