✉news BusinessStartups first seen 13 h ago, last 1 h ago, peak #15
Pentagon Backs $134 Million Raise for 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 working to produce U.S.-made iron for rare-earth magnets, the Wall Street Journal reports. The investment signals Washington's push to build a domestic supply chain for critical magnet materials, which are currently dominated by China and are essential to weapons systems, electric vehicles and electronics.
Why now: Rare-earth supply chain security is a top U.S. defense and industrial policy priority amid competition with China.
PentagonWall Street JournalUnited States
Evidence
- Exclusive | Pentagon Joins $134 Million Raise for Startup to Make U.S. Iron for Rare-Earth Magnets · WSJ
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