German Manufacturer Investing Half a Billion Dollars, Creating 300 Jobs In Sumter

/in , , /by

A German manufacturer of magnets used in electric vehicles is set to create 300 new jobs and invest over half a billion dollars.

Sumter will be home to the first U.S. facility for e-VAC Magnetics, which produces rare earth permanent magnets. CEO Erik Eschen and Gov. Henry McMaster made the announcement at a press conference Dec. 13.

The manufacturing plant will be placed on an 85-acre lot at Pocotaligo Industrial Park and is expected to be completed by fall 2025.

The announcement comes after the Department of Defense in September announced plans to expand domestic manufacturing of rare earth permanent magnets. The DOD plans included a $94.1 million award to e-VAC. The magnets, aside from being used in EVs, are used in the creation of military vehicles such as the F-35 plane and unmanned aerial vehicles, according to a DOD press release.

To read the full story, click here.