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BUZZ-USA Rare Earth gains on deal to supply neo magnets for data center cooling

Reuters
Jun 16
BUZZ-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

(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))

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