Niron gets $150M loan to build iron nitride magnet manufacturing plant in Minnesota
Company is working towards commercializing the world's first rare-earth-free iron nitride permanent magnets.
Niron Magnetics has secured a $150 million loan from the Shakopee Mdewakanton Sioux Community to construct a magnet manufacturing plant in Sartell, Minnesota. The corporation aims to bring to market the world's first rare-earth-free iron nitride permanent magnets. The loan will aid in outfitting and readying the Sartell plant for operations, propelling domestic production of rare-earth-free permanent magnets.
The Shakopee Mdewakanton Sioux Community, a key investor since 2016, has also backed Niron's 2023 financing efforts, which focus on establishing end-to-end manufacturing capabilities in Minneapolis and customer qualification programs.
Niron Magnetics CEO Jonathan Rowntree expressed that the financing will expedite the construction of the Sartell plant, moving closer to establishing a domestic source of permanent magnets for essential industries. SMSC Chairman Cole Miller highlighted that the investment supports Niron's mission to bolster domestic manufacturing, stimulate economic growth, and create opportunities in Minnesota.
The company is constructing technology that could enhance domestic manufacturing while generating economic benefits for the state.
In recent months, Niron received a conditional commitment from the Department of Defense's Office of Strategic Capital for a $150 million loan with a 20-year repayment period, aimed at financing construction and equipment for the Sartell plant. The plant is anticipated to be the first large-scale magnet manufacturing facility and is expected to commence production in 2027.
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