Magnets Are A Critical National Demand. Developing Rare Earths Is Key.

InnovationSustainabilityMagnets Are A Critical National Demand. Developing Rare Earths Is Key.ByNoël Fletcher,Contributor.Forbes contributors publish independent expert analyses and insights. Noel Fletcher is a reporter covering renewable energy and wildlifeFollow AuthorApr 26, 2026, 11:56pm EDTApr 27, 2026, 12:00am EDT--:-- / --:--This voice experience is generated by AI. Learn more.This voice experience is generated by AI. Learn more.Neodymium is a magnetic chemical element that is part of the rare earth group used in magnets.gettyThe U.S. government is offering companies $24 million to prototype and test projects that retrieve rare earth critical minerals from scrap materials to make into advanced magnets.The grants are being offered in the first part of the U.S. Department of Energy’s “Critical Minerals and Materials Accelerator” funding notice. Applications are due June 25.Rare earth minerals for use in magnets have been identified as being of particular interest by the U.S. government in collaborative industry projects to develop technologies in high-impact areas. The idea is to foster a domestic supply chain for critical minerals that promotes national security while uplifting American industry.Creating a Domestic Pipeline for Rare Earth Magnet ElementsRare earth elements are essential in modern technology.gettyThe DOE explains in the funding offer that the grants are to create “a pipeline to support technology maturation to ultimately unlock private capital investments.”The agency is particularly interested in promoting private industry backing to prototype the recovery of the following critical minerals from secondary sources of scrap.MORE FOR YOUThese magnet rare earth elements are:Neodymium, Praseodymium, Dysprosium, and Terbium.High-strength magnets are made with neodymium and praseodymium. These can be found in wind turbines and electric vehicle motors.Defense systems need magnets made with dysprosium and terbium to withstand high temperatures.Other cri...