MINNEAPOLIS--(BUSINESS WIRE)--Niron Magnetics, the company pioneering the world's first high-performance, rare earth-free permanent magnets, today announced it has received $25 million in new strategic funding. This round was led by Samsung Ventures, which has the investment mandate to closely track the strategic priorities of leading consumer electronics manufacturer Samsung and encompasses investments in consumer electronics, semiconductors, telecommunications, and more. Allison Ventures, the venture capital arm of Allison Transmission, leading designer and manufacturer of vehicle propulsion solutions, was also part of this funding round, along with one of the world’s largest automotive suppliers, Magna. This investment will strengthen Niron’s ability to expand its production facilities and scale manufacturing capacity for exclusive customer programs and initial sales of the Clean Earth Magnet.
Permanent magnets are essential components across various industries, including consumer electronics, transportation, and audio technology. As the demand for more sustainable and efficient alternatives to rare-earth materials increases, Niron's iron nitride-based Clean Earth Magnet offers an environmentally sustainable, globally manufacturable, and stable supply input solution. With improved temperature stability compared to other options currently available on the market, Niron's technology offers a more sustainable alternative for applications in automotive, consumer electronics, and beyond.
In addition to Samsung Ventures, Allison Transmission, and Magna, current investors Shakopee Mdewakanton Sioux Community and University of Minnesota also participated in this round, providing additional funding. By joining Niron's impressive list of investors, which includes GM Ventures, Stellantis Ventures, Volvo Cars Tech Fund, and more, this diverse group of strategic partners demonstrate the potential of Niron's Clean Earth Magnet technology to revolutionize a broad range of industries.
"Samsung Ventures is committed to investing in companies that are driving innovation and sustainability in their respective industries," said Samsung Ventures. "Niron Magnetics' Clean Earth Magnet technology has the potential to revolutionize the consumer electronics and audio market by providing a high-performance, rare-earth-free alternative to traditional magnets."
“Allison Ventures was launched to drive innovations that will shape the future of commercial-duty mobility. We believe solutions like Niron’s Clean Earth Magnet are needed to address the global demand and supply risks of rare-earth elements needed for electric motors and other critical applications,” said Mike Foster, Executive Director and Chief Technology Officer, Allison Transmission.
“Magna invests in technologies for multiple reasons, including those that have the potential to enhance our competitive position, meet the needs and expectations of our customers, and, when relevant, align with our sustainability goals,” said Josh Berg, Managing Director, Technology Investments and Ventures at Magna. “Niron’s Clean Earth Magnet technology is an example of a solution we believe could be a building block for our future sustainable product innovations."
With this new funding, Niron will expand its pilot production facilities, enhancing its ability to serve diverse clientele and support customer prototyping programs. The company will also scale up manufacturing capacity to meet growing demand and accelerate research and development efforts to drive continuous improvement in performance and efficiency.
"We are thrilled that leading global companies like Samsung Ventures, Allison Transmission, and Magna recognize the potential of our Clean Earth Magnet to transform industries and create a more sustainable future," said Jonathan Rowntree, CEO of Niron Magnetics. "We look forward to collaborating closely with all of our investors and partners to work towards enabling a rare earth-free alternative in magnetics."
About Niron Magnetics
Niron Magnetics is scaling 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 high magnetization, are free of rare earths and other critical materials, and will enable a revolution in the design of new electric motors and generators. For more information on Niron Magnetics and its technology, please visit https://www.nironmagnetics.com/.
