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Materials

Magnets without rare earths attract cash

by Matt Blois
November 19, 2023 | A version of this story appeared in Volume 101, Issue 38
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A person in personal protective equipment holds a washer-shaped object in a bright blue light on an instrument stage.
Credit: Business Wire
A Niron employee analyzes a magnet sample at the firm's lab in Minneapolis.

Niron Magnetics has raised $33 million to scale up production of magnets made without rare earth elements. Electric vehicle motors typically require rare earth magnets because of their strength and tolerance of high temperatures. Nearly all such magnets are produced in China. The Minneapolis-based firm says its iron-nitride magnets are stable at high temperatures. Investors include venture capital firms associated with General Motors and Stellantis, the Shakopee Mdewakanton Sioux Community, and the University of Minnesota.

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