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As part of VAC Group, e-VAC plans to spend more than $500 million to build and operate a new 85-acre facility that will produce permanent magnets for electric vehicles and defense applications.The Center Square — The South Carolina Economic Development Coordinating Council awarded $13 million to help Sumter County offset costs associated with doing business in the state for a manufacturer of rare earth permanent magnets.
In addition to the Rural Infrastructure Fund grant, the Council allocated a $2 million LocateSC grant to offset costs associated with infrastructure improvements at the Pocotaligo Industrial Park in Sumter County. It also approved an employment development credit for the project, which will create 300 new jobs.
As part of VAC Group, e-VAC plans to spend more than $500 million to build and operate a new 85-acre facility that will produce permanent magnets for electric vehicles and defense applications. The U.S. Department of Defense has signed an agreement with e-VAC to provide $94.1 million to procure and install manufacturing equipment, operational technical infrastructure and engineering production lines.
“The arrival of e-VAC Magnetics in Sumter County is a testament to our state’s booming economic growth and our commitment to cultivating an environment that attracts business and opportunity,” House Speaker Murrell Smith Jr., R-Sumter, said in a statement.
“With 300 new jobs in the region, e-VAC will be a welcome partner to the readySC program, our technical schools and the greater community,” Smith added. “South Carolina’s position in the growing electric vehicle sector Having always been a leader, I couldn’t be prouder to continue that trend in Sumter County.”
According to a press release, operations at the facility will begin in late fall 2025.
“Source:Toutiao”
