Noveon Magnetics Announces $75 Million Series B Funding
Noveon Magnetics, the only U.S.-based manufacturer of high-performance neodymium sustainable rare earth magnets, today announced it has closed a $75 million Series B funding round led by NGP and Aventurine Partners. J.P. Morgan acted as placement agent to Noveon on the transaction. The new funding will accelerate the expansion of Noveon’s manufacturing facilities and enhance its position as a leading provider of critical rare earth magnets to businesses that span the automotive, defense, energy production, medical, and consumer goods sectors, among others. Additionally, James Wallis, Partner at NGP, will join Noveon’s Board of Directors.