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”…

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