US prosecutors indict Gautam Adani on bribery charges
The billionaire was charged with participating in a scheme that involved paying more than $250 million in bribes to Indian government officials.
Niron Magnetics, which says it is the world’s only producer rare-earth-free permanent magnets, announced Thursday the opening of its commercial pilot plant in Minneapolis.
The first-of-its-kind facility produces a sustainable alternative to rare earth permanent magnets that are critical inputs to a wide variety of technologies and industries including electric vehicles, wind energy and consumer electronics, the company said.
Approximately 90% of all powerful permanent magnets are produced in China, and the concentrated supply chain creates significant national security risks and environmental challenges.
Rare earth magnets currently on the market contain neodymium and other rare earth elements, while Niron’s “Clean Earth Magnet” technology is the first and only powerful permanent magnet that does not require any rare earth elements, Niron said, adding it is manufactured from iron and nitrogen — two abundant materials that can be sustainably sourced in the US and do not require new mining projects.
Last year, Niron raised $33 million in additional funding from lGM Ventures and Stellantis Ventures, as well as previous local investors Shakopee Mdewakanton Sioux Community and the University of Minnesota. The company is also partnered with the Department of Defense and the US Naval Research Laboratory.
“Clean Earth Magnet” technology is manufactured from iron and nitrogen.
The opening of the 70,000-square-foot Minneapolis facility is a key milestone on Niron’s path to scaled production and the ability to bridge the acute supply and demand gap for permanent magnets that is projected before the end of the decade.
“Niron is advancing the magnet industry with an inherently sustainable technology developed right here in the US,” Niron Magnetics CEO Jonathan Rowntree said in a news release.
“With the official opening of our commercial pilot plant, we’ve taken a significant step towards establishing a reliable, domestic supply of high-performance magnets critical for US national security, while launching the next generation of clean energy technologies and sustainable manufacturing.”
The commercial pilot facility has production capacity of greater than 5 tons of Clean Earth Magnets per year and defined manufacturing processes for Niron’s full-scale manufacturing facility.
In a separate announcement this week, Niron named the city of Sartell, Minnesota, as the site for its second manufacturing facility, which it said is expected to break ground early next year and go into production in 2026.
