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- 1Pentagon Backs $134 Million Raise for Rare-Earth Magnet Iron Startup●Exclusive | Pentagon Joins $134 Million Raise for Startup to Make U.S. Iron for Rare-Earth Magnets
The Pentagon has joined a $134 million funding round for a startup aiming to produce iron in the United States for rare-earth magnets, according to the Wall Street Journal. The investment signals Washington's push to build a domestic supply chain for magnet materials, a sector currently dominated by China and considered critical for defense and technology manufacturing.