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Niron Magnetics Receives Strategic Investment From Western Digital Capital

Feb 23, 2022•almost 4 years ago
Minneapolis

Description

Niron Magnetics, the company developing the world’s first high-performance permanent magnets free of rare earths, today announced it has received an investment from Western Digital Capital, the investment arm of data storage solutions provider Western Digital. The new funding will enable Niron to build upon its innovative Clean Earth MagnetTM to deliver better performance at lower costs, while eliminating the need for rare earth materials.

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. For more information, please visit https://nironmagnetics.com/.