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.
The Department of War's Office of Strategic Capital has granted Niron Magnetics a conditional $150 million loan to construct and equip its advanced manufacturing facility in Sartell, Minnesota. Niron is developing the world's first rare-earth-free Iron Nitride permanent magnets and aims to expand domestic production of these magnets.
The conditional funding was announced by President Trump during the American Mining Industry conference in Washington D.C. and is meant to promote Niron's rare-earth-free Iron Nitride technology. This technology, developed at the University of Minnesota, offers a viable alternative to rare earth magnets and addresses strategic vulnerabilities for U.S. manufacturers.
Niron's supply chain is free of rare earth materials, offshore separation, and heavy rare earth elements. The conditional funding will expedite the development of Niron's first commercial-scale rare-earth-free magnet manufacturing plant, expected to commence operations in 2027. The 287,000-square-foot Sartell plant will produce up to 1,500 tons of rare-earth-free permanent magnets annually, marking the beginning of Niron's modular manufacturing approach. A larger U.S. manufacturing facility with a capacity of 10,000 tons per year is planned for 2028.
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