Sila lands $1.4B Pentagon loan as militaries demand more batteries

Alongside the loan to Sila, the Department of Defense also announced deals with three other companies.

Sunrise Energy Metals, an Australian company, will receive a $400 million loan to mine scandium, a rare earth element that’s widely used in lightweight alloys. Niron Magnetics, a Minnesota-based company, landed a $150 million loan to manufacture new rare earth-free magnets for smartphones, missiles, and electric motors. Lastly, the government made an $85 million equity investment in Strategic Bauxite, which mines a mineral that contains aluminum.