University of Minnesota spinout Niron Magnetics has collected $21.3m in funding to build a pilot production facility for its rare earth-free magnets.
Niron Magnetics, a US-based developer of magnets free of rare earth metals based on research at University of Minnesota, has picked up $21.3m in a funding round backed by the Volvo Cars Tech Fund, an investment unit for automotive manufacturer Volvo.
Investment firm Volta Energy Technologies also invested in the round. Volvo and Volta “join” existing investors University of Minnesota and Anzu Partners, a press release stated without clarifying whether this meant they participated in the latest round.
Founded in 2013, Niron Magnetics is working on a high-performance permanent magnet made using iron and nitrogen rather than rare earth materials required by current technologies. Mining rare earth elements generates toxic and radioactive material, making it unsustainable.
The magnets would initially have applications in audio speakers, magnetic sensors, consumer appliances, industrial motors and automotive accessory motors. A second generation product would be aimed at electric vehicle drivetrains…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
