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.
Led by Andy Blackburn, CEO, Niron 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 first generation of the Clean Earth Magnet™ will offer a magnetic field strength of approximately 0.9 Tesla and will address a wide range of applications from audio speakers, magnetic sensors and consumer appliances to industrial motors and automotive accessory motors. 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 – including electric vehicle drivetrains and wind turbines.
Niron will begin sampling in limited quantity to selected partners, who can collaborate closely with Niron to design the magnets into suitable high-volume applications.