US-based magnet producer Niron Magnetics has been awarded a $10-million grant from the Minnesota Ahead Fund to assist the development of its manufacturing web site for iron nitride-based uncommon earth-free everlasting magnets in Sartell, Minnesota.
The financing will assist the corporate advance the event of Plant 1, a 190,000-square-foot facility.
Development of the plant, situated on property owned by the previous Verso Paper Mill web site, is scheduled to start earlier than the top of this yr, and operations are anticipated to begin in early 2027.
Niron Magnetics’ iron nitride-based magnets provide an alternative choice to conventional rare-earth everlasting magnets, that are primarily manufactured abroad by way of provide chains weak to geopolitical disruption. The magnets are produced utilizing considerable supplies like iron and nitrogen, eliminating dependence on uncommon earth components whereas delivering the extent of magnetic efficiency required for purposes like EVs, industrial motors and protection tools, in addition to knowledge facilities and shopper electronics.
The Minnesota Ahead Fund, administered by the Minnesota Division of Employment and Financial Growth (DEED), supplies grants and loans to companies making substantial non-public capital investments in new industries. The award builds upon the $2-million grant the Metropolis of Sartell acquired from DEED’s Larger Minnesota Enterprise Growth Public Infrastructure Grant Program in June 2025 to assist avenue and utility development for the power.
“The Minnesota Ahead Fund award is instrumental in serving to us scale our modern magnet expertise and set up Minnesota as the worldwide hub for sustainable everlasting magnet manufacturing,” mentioned Jonathan Rowntree, CEO of Niron Magnetics.
Supply: Niron Magnetics
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