Niron Magnetics, the leading manufacturer of rare-earth-free Iron Nitride permanent magnets, has commenced a formal site selection process for a new high-volume manufacturing facility in the United States.
The proposed 1.6-million-square-foot plant — the company’s second U.S. location — would have the capacity to produce up to 10,000 tons of Iron Nitride permanent magnets per year, representing roughly 1–2% of the global permanent magnet market. The project carries an anticipated capital investment of up to $1.6 billion and is expected to generate more than 700 full-time jobs.
Permanent magnets are a critical component across electric vehicles, consumer electronics, industrial equipment, and defense applications. Niron’s technology is notable for producing high-performance magnets without relying on rare earth elements, addressing a key vulnerability in global supply chains.
Founded in 2013 in partnership with the U.S. Department of Energy and the University of Minnesota, Niron is currently developing its first full-scale plant in Sartell, Minnesota. Global real estate advisory firm Savills has been engaged to manage the site selection process, evaluating locations based on transportation access, energy infrastructure, workforce availability, and economic development alignment.
Construction on the new facility is anticipated to begin in early 2028. Niron Magnetics says it will provide updates as the process advances.
Source: Niron Magnetics
