Niron Magnetics has raised $21.3 million in new financing from the Volvo Cars Tech Fund and Volta Energy Technologies. Existing investors include Anzu Partners and the University of Minnesota. Niron will use the funding to build a pilot production facility in Minnesota.
Niron’s Clean Earth Magnet technology eliminates the need for rare earth minerals in magnets, replacing them with iron and nitrogen. Niron says its production process is less environmentally damaging than alternatives, and that its magnets are less expensive and more sustainable.
The first generation of Niron’s Clean Earth Magnet will offer a magnetic field strength of approximately 0.9 Tesla. The second-generation magnet will offer a magnetic field strength of 1.5 Tesla, and will address higher-torque-density applications and high operating temperatures.
“The demand for more sustainable vehicles, power generation and electronic devices should be met with innovation, rather than increasing the mining for rare earth materials,” said Andy Blackburn, CEO of Niron Magnetics.
Source: Niron Magnetics