Niron Magnetics Raises $33M In Funding

USA
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Niron Magnetics
A Niron Magnetics employee takes quality measurements at the company’s state-of-the-art facility in Minneapolis, MN in October 2023. (Photo by Sara Rubinstein for General Motors)

Niron Magnetics, a Minneapolis, MN-based company which specializes in rare earth-free permanent magnets, raised $33M in funding.

Backers included GM Ventures, Stellantis Ventures, Shakopee Mdewakanton Sioux Community, and the University of Minnesota (UMN), amongst others.

The company intends to use the funds to expand its current pilot production facilities and scale manufacturing capacity for exclusive customer programs and initial sales of its Clean Earth Magnet®.

Led by CEO Jonathan Rowntree, Niron Magnetics is scaling a new manufacturing process for the mass production of permanent magnets empowered by its material formulation. Its proprietary Clean Earth Magnet® technology, based on Iron Nitride, aims to enable a revolution in the design of new electric motors and generators. Permanent magnets are essential components in all automobiles, fundamental to audio systems, fuel pumps, air circulation, electric vehicle (EV) drivetrains, and much more.

FinSMEs

08/11/2023