Urban Mining Company, an Austin, Texas-based developer of the proprietary Magnet-to-Magnetärecycling process, completed a $25M Series A financing.
The company will use the funds for the construction and operation of a magnet recycling and manufacturing facility at its headquarters in Austin, Texas, capable of producing 250 tons of sintered NdFeB rare earth magnets per year within the next two years. Capacity will be expanded to 1,000 tons per year in a second phase of operation.
Led by Miha Zakotnik, COO, and Peter Afiuny, Executive Vice President, Urban Mining Company develops the patented Magnet-to-Magnetä recycling process, for the production of high-performance sintered rare earth NdFeB magnets from end-of-life and scrap feedstocks.
Its NdFeB sintered magnets support the innovation and development of technological applications across an array of high-growth industrial sectors including
Consumer, Industrial, Clean Energy, Defense & Aerospace and Medicine.
The company has planned early delivery of its laboratory and prototyping capabilities including equipment for materials processing and advanced property and microstructure analysis. The laboratory should be operational by the end of Summer 2016.