USA Rare Earth, Inc. (NASDAQ:USAR) stock is trading higher on Thursday as the company is selected for U.S. Department of Energy funding under its “Critical Materials Innovation, Efficiency and Alternatives” program.

USA Rare Earth engages in mining, processing, and supplying rare earths.

The funding, which could total up to $19.3 million, aims to support the development of a pilot-scale rare earth element separations project, enhancing domestic processing capacity for materials essential to U.S. energy and defense supply chains.

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The U.S. Department of Energy has chosen USA Rare Earth for potential funding to advance critical materials processing in the U.S.

The initiative underscores the importance of building a resilient supply chain for rare earth elements, which are vital ...