Niron Magnetics: Raises $21.3M in Funding

Niron Magnetics: Raises $21.3M in Funding

• Niron Magnetics, a Minneapolis based company developing permanent magnets free of rare earths, raised $21.3M in funding
• The Volvo Cars Tech Fund and Volta Energy Technologies joined existing investors Anzu Partners and the University of Minnesota
• The company will use the funding to build its pilot production facility in Minnesota and accelerate the development of its Clean Earth Magnet™ technology
• The company has developed Clean Earth Magnet™ technology, which leverages materials science innovations to eliminate the need for rare earth content in magnets
• Instead, the company utilizes some of the most common elements on earth – iron and nitrogen – which not subject to supply constraints or price instability
• The company’s second-generation magnet will offer a magnetic field strength of 1.5 Tesla and will address higher torque density applications and high operating temperatures