USA – Niron Magnetics, a Minneapolis, MN-based provider of rare earth-free permanent magnets, raised $25M in funding.
The round was led by Samsung Ventures with participation from Allison Ventures, Magna, Shakopee Mdewakanton Sioux Community and University of Minnesota.The company intends to use the funds to expand its production facilities and scale manufacturing capacity for exclusive customer programs and initial sales of the Clean Earth Magnet.Led by CEO Jonathan Rowntree, Niron Magnetics is scaling the advanced manufacturing process for the mass production of permanent magnets. Its proprietary Clean Earth Magnet® technology based on Iron Nitride enables the production of magnets that possess inherently high magnetization, are free of rare earths and other critical materials, and will enable a new way in the design of new electric motors and generators. 20/02/2024
