Rare-earth-free magnet maker Niron secures $150m loan for first plant
A company commercialising the world's first rare earth-free iron nitrade permanent magnets, Niron Magnetics, has received a $150-million loan from the Shakopee Mdewakanton Sioux Community (SMSC), in Minnesota, in the US.
The funding will help advance construction on the company's Sartell magnet manufacturing plant, in Minnesota.
SMSC became one of Niron's earliest investors in 2016, having helped the company advance iron nitrade from a promising university research concept towards a scalable manufacturing pathway. SMSC is a federally recognised, sovereign Dakota tribal government located southwest of Minneapolis.
Niron CEO Jonathan Rowntree says the relationship with SMSC is a core part of Niron's success to date and that the financing helps accelerate construction of the Sartell plant as a domestic source of permanent magnets for critical industries from the start of its planned production in 2027.
The plant represents the first step in Niron's modular manufacturing platform, with final site selection being underway for a second US manufacturing plant, which is currently envisioned to have a production capacity of 10 000 t/y and to start being constructed in 2028.
Niron's technology enables high-performance permanent magnets to be manufactured without rare earths or other critical minerals, which supports more resilient domestic supply chains of permanent magnets. Niron's magnets currently power applications in AI infrastructure, automotive, industrial, consumer electronics, clean energy and defence markets.
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