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
