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Sartell City Council Enters Purchase Agreement with Niron Magnetics for Major Development

Oct 01, 2024•over 1 year ago

Contract Type

agreement

MinneapolisManufacturingEnergy

Description

The Sartell City Council has signed a Purchase Agreement with Niron Magnetics for 79 acres of public land on the east side of 4th Avenue South. This agreement marks a significant development for the community as Niron Magnetics plans to build a manufacturing plant initially bringing 175 jobs to the area.

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.

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Agreement Insights

Based on industry data
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Companies with recent agreements are 2.3x more likely to make additional purchases within 6 months

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