Niron Magnetics, a sustainable magnet technology company, announced it has raised $33 million, with funding from leading automakers GM Ventures and Stellantis Ventures joining the company’s roster of investors.
Permanent magnets are essential components in systems and devices ranging from automotive and electric vehicle (EV) powertrains to sustainable energy systems and consumer electronics. The rising demand for electric vehicles has led to the need for a more stable and sustainable alternative to these materials.
Founded in 2015, Niron Magnetics has developed ‘Clean Earth Magnets’ made with commonly available iron and nitrogen feedstocks that can be sourced globally and sustainably, and free of rare earth metals and other critical materials.
The company says its magnets exhibit performance and temperature stability equal to or better than rare earth magnets, at half the cost.
Adam Bazih, Managing Partner at Stellantis Ventures said:
“We were attracted to invest in Niron because of the impressive sustainability benefits that Clean Earth Magnet technology brings to vehicles and the inherent scalability of their solution. Creating high-performance magnets from abundant feedstocks decouples new production from rare earth mine development and reduces overall environmental impact, which aligns directly with Stellantis’ commitment to achieving net-zero carbon emissions by 2038.”
The company said the new funding round, which also included previous local investors Shakopee Mdewakanton Sioux Community and the University of Minnesota, will enable Niron to expand its current pilot production facilities and increase manufacturing capacity for exclusive customer programs and the initial sales of its scale up products. Clean earth magnet.
Jonathan Rowntree, CEO of Niron, said:
“We are thrilled that local organizations like SMSC and UMN continue to support Niron’s growth, and that GM and Stellantis both see the potential for Niron’s technology to help drive the auto industry’s transition to electric vehicles. We look forward to working closely with all our investors and partners to work towards enabling a future without rare earth elements in the magnetic fields.”
In addition to the investment, GM also announced a strategic partnership with Niron to co-develop Clean Earth Magnet engine technology that could be used in future GM EVs.
Anirvan Coomer, president of GM Ventures said:
“We believe Niron’s unique technology can play a key role in reducing rare earths from EV engines and help us further scale our North American EV supply chain. Our path to an all-electric future will be made possible not only by our own research and development efforts, but also by investing in next-generation technology from startups and established companies outside our four walls.”