Magnetic products and technologies firm Quadrant is preparing to build a new rare-earth magnet manufacturing plant in Louisville, KY, a release issued by Kentucky Gov. Andy Beshear announced Friday. About 200 new jobs will be created through the project.

“As electric vehicle production continues to ramp up across the automotive sector, we will continue to see growth of EV-related companies in the commonwealth,” Gov. Beshear said in a release. “This investment and grow creation will position Quadrant to capitalize on a burgeoning market, and I am thrilled to welcome the company’s growth in Kentucky.”

The San Diego, CA-based company will build a new 171,000-sq-ft facility to house its first US-based manufacturing operation for rare earth magnets. Products made at the site will be used in a wide range of applications, including automotive, consumer electronics, medical, alternative energy, and appliances.

Construction of the Louisville site is part of the company’s broader plan, dubbed Project NeoGrass, to build a state-of-the-art manufacturing campus to support its growth in the US.

“We believe project NeoGrass is the blueprint that the magnetics industry and our customers need,” Michael Brand, president of Quadrant, said in a statement. “It is a revitalization of rare-earth manufacturing and research and development in the US.”

Quadrant currently has operations in the US, Australia, China, Germany, Japan, South Korea, and Vietnam. It also has a research, prototyping, and testing facility in Silicon Valley, CA.