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Niron Magnetics receives a conditional commitment for a $150 million loan from the Department of War to support its advanced manufacturing plant in Sartell, Minnesota.
Aug 08, 2026•1 day ago
MinneapolisManufacturingEnergy
Description
Niron Magnetics announced a conditional commitment from the Department of War's Office of Strategic Capital for a loan up to $150 million. This funding aims to support the construction and equipment of their advanced manufacturing plant. The financing will accelerate domestic production of their rare-earth-free Iron Nitride permanent magnets. This commitment reflects a growing emphasis on securing domestic manufacturing capabilities for high-performance magnets.
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