GM Ventures and Stellantis Ventures have joined a rising checklist of traders which have lately raised $33 million in extra funding for Niron Magnetics – an organization creating proprietary Clear Earth Magnets primarily based on Iron Nitride that operate with out uncommon earths or different crucial supplies utilized in at this time’s EVs.
Niron Magnetics is a expertise firm spun out from a program on the College of Minnesota that appears to remove environmentally damaging uncommon earth mining by changing these treasured supplies with cleaner options.
The corporate’s mental property presently consists of 30 granted patents and one other 20 pending, however its present star (particularly on the planet of EVs) is Niron’s proprietary Clear Earth Magnet expertise, which makes use of Iron Nitride to create magnets that retain excessive magnetization, however are freed from uncommon earths supplies.
Final month, the expertise was named as one in every of TIME’s Finest Innovations of 2023 – an admirable achievement following a decade of improvement. With pilot manufacturing amenities already in place in Minnesota, Niron believes its rare-earth-free expertise can allow a revolution within the design of future EV motors, drivetrains, and different adjoining applied sciences.
Enterprise arms of two main OEMs – GM and Stellantis – have taken word of Niron Magnetics’ progress and have opened their checkbooks to help the corporate in reaching scale, hopefully limiting provide chains whereas serving to promote extra sustainable EV expertise.
Niron to broaden EV magnet manufacturing with out uncommon earths
In response to a launch from the Clear Earth Magnet producer this morning, it has garnered an extra $33 million in funding. Along with preliminary funding from GM and Stellantis, earlier traders Shakopee Mdewakanton Sioux Group (SMSC) and the College of Minnesota (UMN) additionally participated within the spherical.
On a name with GM and Niron yesterday, there was point out of some exclusivity to the American automaker following its recent funding (though it might not say how a lot it invested). Since no firm is sharing monetary particulars, we can’t say if Niron will prioritize transport its rare-earth-free EV magnets to both OEM, however each are possible excessive on that checklist. A 3rd on that checklist is the Volvo Automobiles Tech Fund, which beforehand invested in Niron Magnetics, securing three main automotive OEMs within the magnet developer’s present rolodex.
GM truly invented everlasting magnets utilizing uncommon earth supplies many years in the past – expertise that has since been tailored into the drivetrains of most EVs at this time. By investing in Niron nonetheless, GM appears to be like to show the web page on that expertise and assist expedite the implementation of cleaner, and extra sustainable choices. Per GM Ventures president Anirvan Coomer:
Practically 40 years in the past, GM’s R&D staff found and commercialized the world’s first high-powered, rare-earth everlasting magnet materials. GM Ventures’ funding in Niron’s Magnetics brings our wealthy historical past in specialised magnet innovation full circle. Niron’s Clear Earth Magnet might assist GM make extra reasonably priced EVs for its prospects out of extra considerable supplies.
With recent funding in place, Niron Magnetics feels empowered to extend pilot manufacturing to help bolstered buyer prototyping program,s adopted by small scale product runs. This expertise remains to be at the least a number of years away from being seen carried out on GM, Stellantis, or Volvo EVs on roads, however the rare-earth-free expertise seems nearer than ever with the help of two extra main OEMs.
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