Niron Magnetics, a US-based developer of magnets free of rare earth metals, secured $21.3m yesterday from investors including automotive manufacturer Volvo Cars’ Tech Fund.
Investment firm Volta Energy Technologies also took part in the round, and the company said they joined existing investors University of Minnesota and Anzu Partners.
Founded in 2013, Niron 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 funding will be used to build a pilot production facility and accelerate the development Niron’s Clean Earth Magnet technology.
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 and wind turbines.
The company had previously raised $6.4m in funding in June 2016 and another $5m in December the same year, before adding $3.9m in September 2019, according to regulatory filings.
The original version of this article appeared on our sister site, Global University Venturing.
