Niron Magnetics Secures $33M from Leading Automotive Manufacturers to Meet Growing Demand for Rare Earth-Free Magnets
As more cars are bought around the globe and demand surges for EVs, so does the demand for more stable and sustainable alternatives to rare-earth materials.
- As more cars are bought around the globe and demand surges for EVs, so does the demand for more stable and sustainable alternatives to rare-earth materials.
- Further, Niron’s alternative to rare-earth magnets promises improved temperature stability compared to other options currently available on the market, which is critical for automotive use.
- 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.
- This commitment demonstrates the potential of its Clean Earth Magnet technology to meet the automotive industry’s need to diversify and secure its supply chain with a viable alternative to rare earth magnets.