USA Rare Earth gains on deal to supply neo magnets for data center cooling
Shares of rare earth mineral company USA Rare Earth USAR.O up 6.2% at $14.06 premarket
Company signs a memorandum of understanding with Moog Electric Motion Solutions for delivery of USAR's neo magnets; USAR plans to begin their production in early 2026
Moog will begin prototyping USAR's neo magnets for use in its high-performance coolant distribution pumps used in data centers around the world
As part of the agreement, USAR will design and test permanent Neodymium magnets for use in Moog's CoreMotion technology, which is driving energy efficiency in data centers deployed globally
"We continue our mission to bring the rare earth supply chain back to the broader technology market here in the U.S.," says USAR CEO Joshua Ballard
As of last close, USAR shares up 15.3% YTD
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