Niron Magnetics lands conditional $150M Department of War funding commitment
The Minneapolis – based company is working towards commercializing the world's first rare-earth-free Iron Nitride permanent magnets, it said.
Niron Magnetics has secured a conditional $150 million loan from the Department of War’s Office of Strategic Capital to support the construction of its advanced manufacturing plant in Sartell, Minnesota. The rare-earth-free Iron Nitride permanent magnets developed by the company, which do not rely on rare earth materials, aim to expand domestic production of advanced magnets essential in various sectors, including defense systems, data centers, and consumer electronics.
The conditional commitment, announced by President Trump, underscores the importance of Niron's approach to magnet technology and its role in advancing domestic manufacturing capacity in a strategic industry.
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