A pioneering cleantech startup has created a new technology for permanent magnets, specially designed for electric motors and generators following its “Clean Earth Magnet” project that will drive new.
These magnets, designed and constructed from iron nitride and nitrogen, offer a sustainable and effective alternative to traditional magnets. With a notable venture capital investment of $33 million, Niron Magnetics aims to expand its production and forge alliances with industrial partners to set a new standard in permanent magnet manufacturing.
Development of permanent magnets “without rare earths”.
These crucial components have limited availability and their extraction and processing have a negative impact on the environment. In this scenario, a cutting-edge solution aimed at reforming the market is introduced.
Technology “Clean Earth Magnet” from NM marks a remarkable progress in the production of permanent magnets, based on iron nitride and nitrogen, materials that are both widely available and environmentally benign, these magnets not only minimize reliance on rare earths, but also offer intrinsically high magnetization.
This new technology has a vast application potential in consumer electronics, transportation, telecommunications, among other sectors. Now, it remains to measure the company’s ability to manufacture these magnets on a large scale.
Financial boom for Niron Magnetics
Following a $33 million financing, NM has aspirations to expand its facilities and enhance its research and development efforts to meet growing demand. The company has captured the interest of major investors and industry partners, including Samsung Ventures, Allison Transmission, Magna, the Shakopee Mdewakanton Sioux Community, the University of Minnesota, GM Ventures, Stellantis Ventures, and the Volvo Cars Technology Fund.
This new technology stands out as a significant advance towards a more sustainable and efficient permanent magnet industry. Backed by its strong commitment to sustainability, which strategically positions the company in the evolution of magnet manufacturing and use.
The widespread adoption of this technology could have a significant impact on decreasing dependence on critical materials and encouraging cleaner and more efficient production practices in a wide range of industries.
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Source and Photo: Niron Magnetics
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