Nidec Motor, a US-based manufacturer of commercial, industrial and appliance motors and controls, and Noveon Magnetics have signed a five-year, binding offtake agreement to potentially supply more than 1,000 tons of finished sintered neodymium iron boron (NdFeB) rare earth magnets.
Deliveries are set to begin in 2025, supporting Nidec’s operations across industries including automation, industrial, and defense applications.
Noveon’s EcoFlux magnets make use of recycled materials and offer a secure supply chain solution to support a range of applications including electric vehicles, wind turbines, robots, motors, pumps and military systems that are key to energy efficiency, electrification and national security.
MORE: A closer look at rare earth permanent magnets
“This agreement is a critical step in strengthening America’s industrial base and ensuring the availability of advanced rare earth magnet technology for our nation’s most strategic industries,” said Scott Dunn, CEO of Noveon Magnetics. “Together with Nidec, we are advancing a domestic solution to meet the growing demand for high-performance materials across critical sectors – industrial, automation, robotics, automotive, energy, and defense – while addressing the geopolitical and operational challenges posed by a reliance on foreign supply chains.”
Source: Noveon Magnetics