Noveon Magnetics Closes $75M Series B Funding

noveon magnetics

Noveon Magnetics, a San Marcos, TX-based manufacturer of neodymium sustainable rare earth magnets, raised $75M in Series B funding.

The round was led by NGP and Aventurine Partners. Additionally, James Wallis, Partner at NGP, will join Noveon’s Board of Directors.

The company intends to use the funds to accelerate the expansion of its manufacturing facilities and enhance its position as a provider of critical rare earth magnets to businesses that span the automotive, defense, energy production, medical, and consumer goods sectors, among others.

Led by CEO Scott Dunn, Noveon Magnetics is a rare earth magnet manufacturer in the United States. Its patented EcoFlux magnet can be made from mined rare earth elements or directly from recycled end-of-life magnetic materials. The company says that – by leveraging a cache of materials sourced from discarded items, such as electric vehicles and hard drives – its process is over 90% more energy efficient than traditional manufacturing and results in a stronger, more durable magnet. Its magnets have critical applications in electric vehicles, MRI machines, wind turbines, defense systems, and robots.

Noveon’s 145,000 square foot San Marcos (Texas) facility is commercially operational and on-track to produce approximately 2,000 tons of magnets annually by 2024.