Niron Magnetics Secures $25M for Rare Earth-Free EV Magnets
Niron Magnetics, a startup developing rare earth-free permanent magnets, has secured $25 million in funding. The company's iron nitride magnets could make electric vehicles (EVs) more affordable and lessen reliance on China for rare earth materials.
Niron's magnets, made from inexpensive and abundant iron nitride, cost around 50% less than traditional rare earth magnets. This could significantly reduce the cost of EVs, making them more accessible.
The funding round was led by Samsung Ventures, with participation from automotive supplier Magna and Allison Ventures. Notably, three major automakers - General Motors, Stellantis, and Volvo Cars - back Niron Magnetics. The CEO and founder, Bob Mercer, is optimistic about the support from these industry giants.
Niron will use the funds to expand its pilot production facilities, boost magnet production, and accelerate research and development. This includes exploring ways to improve the magnets' performance and durability. The ultimate goal is to help automakers build more sustainable EVs without relying on rare earth metals like neodymium, dysprosium, terbium, and praseodymium, which are primarily processed in China.
With this substantial funding, Niron Magnetics is poised to revolutionize the EV industry. By providing a cheaper and more abundant alternative to rare earth magnets, Niron's iron nitride magnets could accelerate the adoption of electric vehicles worldwide.
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