Congratulations to our amazing portfolio company, Niron Magnetics, Inc.! Receiving this grant underscores the team's remarkable progress in advancing a more sustainable and secure supply chain for powerful, rare-earth-free magnets. This marks a major milestone as they prepare to construct the world's only manufacturing facility dedicated to scaling this transformative technology.
Today marks a major milestone in U.S. manufacturing independence as we announce our award of $52 million to advance the construction of the world’s only manufacturing facility of powerful, rare-earth-free permanent magnets in Sartell, Minnesota. This award is provided through the Section 48C Advanced Energy Project tax credit program. Our magnets, made from the most magnetic material known to science—iron nitride—offer a sustainable solution to the increasing demand for permanent magnets. By leveraging locally available materials and cutting-edge manufacturing processes, our new facility will reduce reliance on imported materials and secure domestic supply chains. https://lnkd.in/ghRwrYig