Highlights

• Niron Magnetics awarded $52.2 million tax credit to construct the world's first rare-earth-free permanent magnet manufacturing facility in Sartell, Minnesota.
• The 190,000-square-foot plant will create 175 jobs and revitalize a former papermill site while reducing reliance on imported materials.
• The company's iron nitride-based magnets offer sustainable alternatives for energy and automotive industries.
• Niron Magnetics has strategic partnerships, including with Stellantis.

Niron Magnetics (opens in a new tab), a leading producer of high-performance, rare-earth-free permanent magnets, has been awarded a $52.2 million tax credit under the Section 48C Advanced Energy Project tax credit program. This funding will support the construction of the world's first manufacturing facility dedicated to these magnets in Sartell, Minnesota.

The award was part of a competitive selection process led by the U.S. Departments of Energy and Treasury, which evaluated over 800 projects nationwide. Niron's facility aims to reduce reliance on imported materials by utilizing locally sourced inputs and advanced manufacturing processes, thereby securing domestic supply chains.

The 190,000-square-foot plant is expected to create 175 jobs and revitalize the former Verso Papermill site, which closed in 2012. Niron's iron nitride-based magnets offer a sustainable alternative to traditional rare-earth magnets, with applications across various industries, including energy and automotive sectors. The company's strategic partnerships, such as with Stellantis, are instrumental in advancing the development and application of this innovative magnet technology.