A high-tech, rare metals company announced it will invest $100 million in a new Stillwater plant.
USA Rare Earth says its Stillwater plant will convert rare earth oxides into metals and magnets. The products will then be used in advanced electronics for electric vehicles, cell phones and military technology.
The announcement officially came from Gov. Kevin Stitt Thursday afternoon. He told reporters about the project in a bright orange tie, flanked by dignitaries in Stillwater.
“Oklahoma has long been on the cutting edge of energy innovation, and this project embodies the energetic, forward-thinking mentality of our state,” Stitt said in a written statement. “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.”
Stillwater Mayor Will Joyce said the factory’s arrival is a big win for the city.
“It will increase local job opportunities and promote future economic development,” he said. “And it will support and enhance the vibrant community that we are so proud of here in Stillwater.”
The plant is anticipated to bring in 100 new jobs and is slated to begin production in 2023.
It’s unclear exactly how much in incentives the state is offering the company, though state officials stressed any money USA Rare Earth receives from the state will come on the back end. The Stillwater News Press reported earlier this week the City of Stillwater is offering $7 million in incentives.
A big question remaining is will this new company’s presence help secure a major investment in Northeast Oklahoma?
Stitt said that remains to be seen when asked about a rumored $4 billion Panasonic factory potentially setting up shop in Pryor.
But he said every economic development opportunity is important for Oklahoma to seize on.
“We’re competing hard for every single project,” Stitt said. “It all plays together. I mean, it’s like success begets success and momentum is momentum.”
