Niron Magnetics raises $33 million from GM Ventures and Stellantis Ventures

Niron Magnetics secured $33 million in additional funding from GM Ventures, Stellantis Ventures and other investors to scale its rare earth-free Clean Earth Magnet technology. The investment signals automotive efforts to diversify away from rare-earth supply chains, relevant to India's manufacturing and EV component sourcing strategies.

Niron Magnetics, a developer of rare earth-free permanent magnets, secured $33 million in additional funding led by GM Ventures and Stellantis Ventures, with participation from the Shakopee Mdewakanton Sioux Community, the University of Minnesota, and others. The capital will expand Niron's pilot production facilities and increase manufacturing capacity to support exclusive customer projects and initial sales of its Iron Nitride-based Clean Earth Magnet, which offers environmental sustainability, global manufacturability, stable supply materials, and enhanced temperature stability for automotive applications.

The funding affects automotive manufacturers seeking rare-earth alternatives across applications including audio systems, fuel pumps, air circulation, and EV drivetrains. With backing from GM Ventures, Stellantis Ventures, and prior support from Volvo Cars Tech Fund, Niron now enjoys the support of three major automotive manufacturers. The technology also has applications in consumer electronics, audio technology, industrial motors, pumps, compressors, and wind turbines, broadening the set of sectors affected by a stable alternative to rare-earth materials.

Niron will use the capital to expand pilot production through team and facility expansions, positioning it to accommodate customer prototyping programs and small-scale production runs for key entry markets. Manufacturers and supply-chain managers should monitor the commercialisation timeline of the Clean Earth Magnet as a route to diversifying and securing magnet supply chains. Stakeholders should also track Niron's progress on initial sales and exclusive customer projects as indicators of commercial readiness for rare-earth-free magnets.

Key figure — Funding raised: $33 million from GM Ventures, Stellantis Ventures and others