Niron Magnetics, a company at the forefront of developing rare earth-free permanent magnets, has secured $33 million in additional funding. This investment comes from prominent automotive manufacturers, including GM Ventures and Stellantis Ventures, as well as previous local investors like Shakopee Mdewakanton Sioux Community (SMSC) and the University of Minnesota (UMN), among others. This fresh capital injection will enable Niron to expand its existing pilot production facilities and increase manufacturing capacity to support exclusive customer projects and initial sales of its environmentally sustainable Clean Earth Magnet®.
Permanent magnets play a crucial role in various automotive applications, including audio systems, fuel pumps, air circulation, electric vehicle (EV) drivetrains, and more. With the increasing global demand for cars and the surge in popularity of EVs, there is a growing need for stable and sustainable alternatives to rare-earth materials. The newly acquired funding will propel the commercialization of Niron’s Iron Nitride-based Clean Earth Magnets, which are known for their environmental sustainability, global manufacturability, and use of stable supply materials. Moreover, Niron’s alternative to rare-earth magnets offers enhanced temperature stability, a critical feature for automotive applications.
With financial backing from GM Ventures, Stellantis Ventures, and previous support from Volvo Cars Tech Fund, Niron now enjoys the support of three major automotive manufacturers. This endorsement underscores the potential of its Clean Earth Magnet technology to provide the automotive industry with a reliable alternative to rare earth magnets, essential for diversifying and securing its supply chain.
By expanding its pilot production capabilities through team and facility expansions, Niron will be well-positioned to accommodate customer prototyping programs and facilitate small-scale production runs for key entry markets. Beyond automobiles, Niron’s Clean Earth Magnet technology has applications in consumer electronics, audio technology, industrial motors, pumps, compressors, wind turbines, and more.
