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Financing would help fund Niron’s first commercial-scale plant for magnets made without rare earths.

Niron Magnetics has received a conditional commitment from the US Department of War’s Office of Strategic Capital for a 20-year loan of up to US$150 million. The funding would help build and equip its first commercial-scale manufacturing plant in Sartell, Minnesota, which is due to open in 2027 with capacity for up to 1,500 tonnes of magnets a year. The loan remains subject to due diligence, a minimum equity raise and other conditions before it is finalised.

Niron’s iron nitride magnets are made without rare earth materials. They are produced from abundant iron and nitrogen instead, giving manufacturers a domestic alternative for electric motors, defence systems, data centres and electronics. With global demand for permanent magnets expected to more than double by 2035, Niron is already selecting a site for a second, larger US plant.

Source: Niron Magnetics