Niron Magnetics Secures $33M from Leading Automotive Manufacturers to Meet Growing Demand for Rare Earth-Free Magnets
Niron Magnetics, the company pioneering the world’s first high-performance, rare earth-free permanent magnets, today announced it has raised $33 million in additional funding, with new investments from leading automotive manufacturers, GM Ventures and Stellantis Ventures, and previous local investors, Shakopee Mdewakanton Sioux Community (SMSC) and the University of Minnesota (UMN), amongst other investors. This new financing will allow Niron to expand its current pilot production facilities and scale manufacturing capacity for exclusive customer programs and initial sales of its Clean Earth Magnet®.
Permanent magnets are essential components in all automobiles, fundamental to audio systems, fuel pumps, air circulation, electric vehicle (EV) drivetrains, and much more. As more cars are bought around the globe and demand surges for EVs, so does the demand for more stable and sustainable alternatives to rare-earth materials. This new round of funding will advance the commercialization of Niron’s Iron Nitride-based Clean Earth Magnets, which are environmentally sustainable, globally manufacturable, and made from stable supply inputs. Further, Niron’s alternative to rare-earth magnets promises improved temperature stability compared to other options currently available on the market, which is critical for automotive use.