Niron Magnetics has received a $10 million grant from the Minnesota Forward Fund to support the construction of its new 190,000-square-foot manufacturing facility in Sartell, Minnesota. The site, known as Plant 1, will become the world’s first full-scale production facility dedicated to Iron Nitride-based permanent magnets that are free of rare earth elements.
The Minnesota Forward Fund is administered by the Minnesota Department of Employment and Economic Development (DEED) and is designed to provide grants and loans to companies making substantial private capital investments in emerging industries. This new award builds upon a $2 million DEED grant issued in June 2025 to the City of Sartell through the Greater Minnesota Business Development Public Infrastructure Grant Program, which supported the construction of necessary streets and utilities for the project.
Located at the site of the former Verso Paper Mill, Niron Magnetics’ new facility represents a significant step forward in both technological innovation and regional economic growth. The plant will create 175 full-time jobs and serve as a cornerstone of Minnesota’s growing clean energy manufacturing ecosystem. Construction is set to begin this fall, with operations expected to start in early 2027.
Niron Magnetics’ proprietary Iron Nitride technology offers a sustainable alternative to traditional rare-earth magnets, which are primarily produced overseas. By utilizing abundant materials such as iron and nitrogen, Niron’s magnets deliver superior magnetic performance while reducing reliance on volatile global supply chains. These magnets are designed for use across several high-demand sectors, including electric vehicles, data centers, industrial motors, consumer electronics, and defense equipment.
The grant marks a significant endorsement from the State of Minnesota for both the advancement of clean energy innovation and the strengthening of domestic supply chain resilience.
With the support of DEED and the Minnesota Forward Fund, Niron Magnetics is positioned to establish Minnesota as a global hub for rare-earth-free magnet manufacturing and next-generation materials development.
KEY QUOTES:
“We are honored to receive this recognition and support from the State of Minnesota. The Minnesota Forward Fund award is instrumental in helping us scale our innovative magnet technology and establish Minnesota as the global hub for sustainable permanent magnet manufacturing. This investment demonstrates the state’s commitment to advanced manufacturing, clean energy, and domestic supply chain security.”
Jonathan Rowntree, CEO, Niron Magnetics
“The Minnesota Forward Fund was created to support transformative projects like Niron Magnetics that strengthen our state’s economy and create high-quality jobs. This investment in rare-earth-free magnet manufacturing positions Minnesota as a global leader in clean energy technology while securing domestic supply chains for critical materials. We are proud to support Niron’s expansion in Sartell and the economic opportunities it brings to Greater Minnesota.”
Matt Varilek, Commissioner, Minnesota Department of Employment and Economic Development (DEED)
