OTS - VACUUMSCHMELZE (VAC) Announces Binding Supply Agreement with General Motors (GM) to Support EV Growth
2023. January 30. 11:10
Hanau, 30 January, 2023 (APA/OTS) - VAC announced a binding
long-term supply agreement with GM for North America permanent
magnet production - another major step forward to create a strong,
sustainable and scalable supply chain for electric vehicles. As
part of the agreement, VAC will build a facility in North America
to manufacture permanent magnets for electric motors used in a
broad portfolio of EVs. The new facility will use locally sourced
raw materials. The binding agreement finalizes a Memorandum of
Understanding VAC and GM announced in December 2021.
- Picture is available at AP Images (http://www.apimages.com) -
With 100 years of experience, VAC is a leading global developer
and producer of advanced magnetic solutions. VAC is the largest
producer of rare-earth NdFeB permanent magnets in the Western
Hemisphere.
"The demand for rare earth permanent magnets and supporting
technologies is intensifying at an unprecedented rate as the world
shifts to sustainable clean energy. VAC is extremely excited to be
partnering with General Motors to take this important step to
ensure the realization of GM's all-electric future", said Dr.
Alexander Barcza, VAC Vice President Permanent Magnets.
VAC is in the process of establishing a North American
permanent magnet production facility to support GM for a minimum of
10 years. The finished magnets will be delivered to facilities
building EV motors for GM within North America. The VAC facility is
expected to start production in 2025 and create hundreds of new
jobs.
"Our agreement with VAC for permanent magnet production in
North America represents another major milestone in building a
strong, secure, sustainable and cost-competitive supply chain to
support our EV growth", said Jeff Morrison, GM Vice President,
Global Purchasing and Supply Chain.
CONTACT:
Hendrik Borgmeier
Head of Global Marketing
VACUUMSCHMELZE
+49 6181 38 2082
Hendrik.borgmeier@vacuumschmleze.com
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