Niron Magnetics Secures $33M From Leading Automotive Manufacturers To Meet Growing Demand For Rare Earth-Free Magnets
Niron Magnetics Secures $33M From Leading Automotive Manufacturers To Meet Growing Demand For Rare Earth-Free Magnets
11/08/23, 1:05 PM
Location
minneapolisMoney raised
$33 million
Industry
energy
manufacturing
Investors
University Of Minnesota, Shakopee Mdewakanton Sioux Community, Stellantis Ventures, Gm Ventures
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®.
Company Info
Location
minneapolis, minnesota, united states
Additional Info
Niron Magnetics is developing the world’s first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. Niron’s proprietary Clean Earth Magnet™ technology based on Iron nitride enables magnets that possess inherently higher magnetization and can be produced at a lower cost compared to today’s rare-earth magnets and will enable a revolution in the design of new electric motors and generators. Niron participates in a U.S. Department of Energy funded project that aims to develop more cost effective and sustainable drivetrains for electric vehicles.