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Niron Magnetics Awarded $52.2 Million Tax Credit for US Rare-Earth-Free Magnet Manufacturing
Jan 21, 2025•over 1 year ago
Contract Type
partnership
MinneapolisManufacturingEnergy
Description
Niron Magnetics has been awarded a $52.2 million tax credit under the Section 48C Advanced Energy Project tax credit program. This support will enable the company to advance the construction of the world's only manufacturing facility of rare-earth-free magnets in Sartell, Minnesota.
Company Information
Company
Niron Magnetics
Location
Minneapolis, Minnesota, United States
About
Niron Magnetics is developing the world’s first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. Niron’s proprietary Clean Earth Magnet™ technology based on Iron nitride enables magnets that possess inherently higher magnetization and can be produced at a lower cost compared to today’s rare-earth magnets and will enable a revolution in the design of new electric motors and generators. Niron participates in a U.S. Department of Energy funded project that aims to develop more cost effective and sustainable drivetrains for electric vehicles.
MinneapolisManufacturingEnergy