Niron Magnetics (a company pioneering the world’s first high-performance rare earth-free permanent magnets) announced it has received $25 million in new strategic funding. This funding round was led by Samsung Ventures. Allison Ventures (the venture capital arm of Allison Transmission) was also part of this funding round, along with one of the world’s largest automotive suppliers Magna.
This funding round will strengthen Niron’s ability to expand its production facilities and scale manufacturing capacity for exclusive customer programs and initial sales of the Clean Earth Magnet.
Permanent magnets are essential components across various industries, including consumer electronics, transportation, and audio technology. And as the demand for more sustainable and efficient alternatives to rare-earth materials increases, Niron’s iron nitride-based Clean Earth Magnet offers an environmentally sustainable, globally manufacturable, and stable supply input solution. Through improved temperature stability compared to other options currently available on the market, Niron’s technology offers a more sustainable alternative for applications in automotive, consumer electronics, and beyond.
Along with Samsung Ventures, Allison Transmission, and Magna, current investors Shakopee Mdewakanton Sioux Community and University of Minnesota also participated in this round, providing additional funding. By joining Niron’s impressive list of investors, which includes GM Ventures, Stellantis Ventures, Volvo Cars Tech Fund, and more, this diverse group of strategic partners demonstrate the potential of Niron’s Clean Earth Magnet technology to revolutionize a broad range of industries.
With this new funding round, Niron will expand its pilot production facilities, enhancing its ability to serve diverse clientele and support customer prototyping programs. And the company will also scale up manufacturing capacity to meet growing demand and accelerate research and development efforts to drive continuous improvement in performance and efficiency.
KEY QUOTES:
“Samsung Ventures is committed to investing in companies that are driving innovation and sustainability in their respective industries. Niron Magnetics’ Clean Earth Magnet technology has the potential to revolutionize the consumer electronics and audio market by providing a high-performance, rare-earth-free alternative to traditional magnets.”
- Samsung Ventures
“As the mobility industry evolves to cleaner technologies, it is critical to deliver those products in a sustainable manner. We are thrilled to partner with Niron Magnetics in their mission to enable global electrification and provide a sustainable alternative to rare earth magnets. Niron’s Clean Earth Magnet technology is meant to address the global demand and supply risks of rare-earth elements needed for electric motors and other critical applications.”
- Mike Foster, Executive Director and Chief Technology Officer, Allison Transmission
“Magna invests in technologies for multiple reasons, including those that have the potential to enhance our competitive position, meet the needs and expectations of our customers, and, when relevant, align with our sustainability goals. Niron’s Clean Earth Magnet technology is an example of a solution we believe could be a building block for our future sustainable product innovations.”
- Josh Berg, Managing Director, Technology Investments and Ventures at Magna
“We are thrilled that leading global companies like Samsung Ventures, Allison Transmission, and Magna recognize the potential of our Clean Earth Magnet to transform industries and create a more sustainable future. We look forward to collaborating closely with all of our investors and partners to work towards enabling a rare earth-free alternative in magnetics.”
- Jonathan Rowntree, CEO of Niron Magnetics
