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Investing.com -- USA Rare Earth, Inc. (NASDAQ:USAR) stock surged 20% after the company announced a memorandum of understanding (MOU) with Enduro Pipeline Services for the delivery of U.S.-made neo magnets for pipeline cleaning tools.
Under the agreement, USA Rare Earth will supply neodymium magnets for Enduro’s "intelligent pigs" - advanced pipeline cleaning and inspection tools that use high-powered magnets to collect ferrous debris, detect defects, and track location within pipelines. USAR plans to begin production of these magnets in early 2026.
The partnership represents the latest in a series of agreements commissioning USAR’s Innovations Lab in Stillwater, Oklahoma, which is designed to prototype magnets and qualify them for use across multiple industries. The company has previously announced MOUs with Moog for AI/Data Centers, PolarStar for Aerospace/Defense, and StudBuddy for Residential Construction.
"We are proud to partner with Enduro to provide them with American-made magnets that will maintain the speed and quality for which their pigs are known," said Joshua Ballard, CEO of USA Rare Earth. "Our manufacturing plant in Stillwater stands ready to serve any industry, with the capability to create high-powered magnets of every size and shape."
Enduro’s CEO Dwane Laymon emphasized the importance of domestic sourcing, stating that it "helps keep jobs in our state, strengthens our economy, and reinforces our ability to deliver dependable tools to pipeline operators."
The Innovations Lab mimics the production capabilities that will be available at USAR’s commercial manufacturing facility once it is commissioned in 2026.
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