Niron Magnetics Raises $21.3M To Commercialize Rare-Earth Free Magnets For A More Sustainable Electric Economy
Niron Magnetics Raises $21.3M To Commercialize Rare-Earth Free Magnets For A More Sustainable Electric Economy
07/29/21, 1:06 PM
Location
minneapolisMoney raised
$21.3 million
Niron Magnetics, the company developing the world’s first high performance permanent magnets free of rare earths, today announced it has raised $21.3M in new financing. The Volvo Cars Tech Fund and Volta Energy Technologies join existing investors Anzu Partners and the University of Minnesota. Niron will use the funding to build its pilot production facility in Minnesota and accelerate the development of its Clean Earth MagnetTM technology.
Company Info
Location
minneapolis, minnesota, united states
Additional Info
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. For more information, please visit https://nironmagnetics.com/.