GM and Stellantis Invest in Niron Magnetics to Develop Rare-Earth-Free EV Components
November 9th, 2023Via: Electrek:
GM Ventures and Stellantis Ventures have joined a growing list of investors that have recently raised $33 million in additional funding for Niron Magnetics – a company developing proprietary Clean Earth Magnets based on Iron Nitride that function without rare earths or other critical materials used in today’s EVs.
Niron Magnetics is a technology company spun out from a program at the University of Minnesota that looks to eliminate environmentally destructive rare earth mining by replacing those precious materials with cleaner alternatives.
The company’s intellectual property currently consists of 30 granted patents and another 20 pending, but its current star (especially in the world of EVs) is Niron’s proprietary Clean Earth Magnet technology, which utilizes Iron Nitride to create magnets that retain high magnetization, but are free of rare earths materials.
