Niron Magnetics, a US startup producing rare earth-free permanent magnets for electric vehicles (EVs), has raised $33 million in additional funding, with new investments from automotive manufacturers, GM and Stellantis. This new round of funding will advance the commercialisation of Niron’s Iron Nitride-based Clean Earth Magnets, which are environmentally sustainable, and made from stable supply inputs.
Permanent magnets are essential components in all automobiles, fundamental to audio systems, fuel pumps, air circulation and EV drivetrains
The permanent magnets in EV motor rotors are typically made from expensive rare earth minerals like terbium, dysprosium, praseodymium and neodymium.
“We were drawn to invest in Niron by the impressive sustainability benefits that its Clean Earth Magnet technology offers for vehicles and the inherent scalability of their solution,” adds Adam Bazih, Managing Partner at Stellantis Ventures. “Making powerful magnets from plentiful commodity materials decouples new production from rare earth mine development and lowers overall environmental impact, which directly aligns with Stellantis’ commitment to reach carbon net zero by 2038.”
Jonathan Rowntree, CEO at Niron, comments: “We look forward to collaborating closely with all of our investors and partners to work towards enabling a rare earth-free future in magnetics.”
With the new investments from GM Ventures and Stellantis Ventures, and previous funding from Volvo Cars Tech Fund, Niron is now backed by three leading automotive manufacturers.