Quadrant is planning on building a 171,000-square-foot magnet manufacturing campus in Louisville, which it refers to as Project NeoGrass. Quadrant will be investing over $95 million on this state-of-the-art facility, which is intended to facilitate the company’s rare-earth magnet production. These rare earth magnets are essential components which are required in manufacturing electric vehicle motors, automotive applications and other consumer electronics products.
Project NeoGrass will be Quadrant’s first magnet mass producing operation in the U.S. According to Quadrant Officials, the company’s internal design and production team is collaborating on the specifics of the layout, equipment and supply chain details of the plant. The plant’s capacity is yet to be determined, but at the final design phase the precise details will be worked out. For now, the initial estimate is between the range of 1,500-2,000 tonnes per year of neodymium iron boron (NdFeB) magnets by 2024.
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Governor Andy Beshear, spoke in favor of Project NeoGrass, which would provide a critical component for Electric Vehicle(EV) motors. Beshear pointed out that the continued increase of EV production across the automotive sector, would lead to the further development of EV-related companies in Kentucky. The Governor welcomed Quadrant warmly to the state and also mentioned that the investment and job creation opportunities would ensure that the company was well positioned to capitalize on this flourishing market in the automotive sector.
Project NeoGrass to bring 200 full time jobs to Kentucky
Project NeoGrass will also receive financial support in the form of a 10-year incentive agreement from the Kentucky Economic Development Finance Authority (KEDFA). Under the terms of this performance-based agreement, up to $3.4 million in tax incentives can be provided, as long as Quadrant makes the $95.2 million investments and maintains an annual target of creating and maintaining 200 full time employment opportunities for Kentuckians, which will have an average annual wage of $28.15 per hour and also include employee benefits. The incentive agreement also includes resources from Kentucky’s workforce service providers, such as free recruitment and job placement services, customized training at subsidized rates and other job training incentives.
