Noveon Magnetics, a U.S. manufacturer of sintered rare earth permanent magnets, has closed a $215 million Series C financing round led by One Investment Management (OneIM), including a $200 million investment from OneIM.
The company said the new funding will be used to significantly expand domestic production capacity as demand rises across sectors including automotive, defense, AI, energy, and advanced manufacturing, while also supporting efforts to reshore critical supply chains in the United States.
The Series C round also included a secondary component, enabling certain existing shareholders to sell shares. As part of the transaction, OneIM will appoint two new board members tied to the Series C investment.
Noveon said it was the first company to reshore full-scale production of sintered rare earth magnets to the United States, and that the financing will help it scale capacity beyond 2,000 tons per year. The company is positioning the expansion to support current commercial partners and pursue additional opportunities in industries that require high-performance magnetic materials, including applications across electric vehicles, robotics, data storage, industrial motors and pumps, consumer electronics, and defense systems.
Rare earth permanent magnets are critical components in a broad range of modern systems, and Noveon framed its U.S.-based manufacturing platform as a response to supply chain vulnerabilities for materials and components that have historically been concentrated outside the United States. The company said its proprietary EcoFlux technology supports a domestic, closed-loop magnet manufacturing approach that incorporates recycled materials and is designed to improve resource efficiency.
Over the past year, Noveon reported a series of commercial and strategic steps aimed at strengthening its supply chain position. These included multi-year supply agreements with General Motors and ABB, partnerships with Lynas and Solvay, and a closed-loop magnet recycling initiative with LG Electronics and Kangwon Energy. Noveon said these efforts support its long-term goal of offering a fully domestic, vertically integrated solution for rare earth magnets.
OneIM, founded in 2022, is a global alternative investment manager that said it manages approximately $10 billion in assets and operates from offices in Abu Dhabi, London, Tokyo, and New York.
Goldman Sachs served as the exclusive financial advisor to Noveon on the financing.
KEY QUOTES:
“This financing marks a pivotal step in scaling Noveon’s production capabilities to meet rapidly growing customer demand. With the support of OneIM, we are accelerating deliveries of high-performance rare earth magnets produced entirely in the United States — scaling capacity, capability, and strengthening supply chain resiliency for our customers.”
Scott Dunn, CEO, Noveon Magnetics
“I am incredibly proud of what our team has accomplished over the past year. We look forward to building upon our strong momentum with support from our new and existing partners to deliver on our mission to reshore critical magnet production to the United States.”
Scott Dunn, CEO, Noveon Magnetics
“Noveon is uniquely positioned to lead the reshoring of the rare earth magnet industry at a time when supply chain security and domestic manufacturing capacity are national priorities. The company has assembled exceptional talent and built the technical skills, operational expertise, and execution discipline required to scale U.S. rare earth magnet manufacturing. We are proud to support Noveon’s next phase of growth and I look forward to supporting the company as it builds capacity that can truly meet the moment.”
Rajeev Misra, CEO and Co-Founder, One Investment Management (OneIM)
