MINNEAPOLIS–(BUSINESS WIRE)–Niron Magnetics, the company pioneering the world’s first high-performance, rare earth-free permanent magnets, today announced that its Clean Earth Magnet™ has been named as one of TIME’s Best Inventions of 2023. The annual list features 200 extraordinary innovations changing our lives.

“The result is a list of 200 groundbreaking inventions (and 50 special mention inventions)—including the world’s most powerful supercomputer, a game-changing entertainment venue, and a new shape—that are changing how we live, work, play, and think about what’s possible.”

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Niron’s Clean Earth Magnet is the world’s first powerful permanent magnet free of critical minerals. More than a decade of research and development has gone into the Clean Earth Magnet, which is made from abundant commodity inputs of iron and nitrogen, leading to a 75% lower overall environmental impact than rare-earth based magnets. Iron Nitride magnets can exceed the performance of rare-earth based magnets by up to 50% and offer inherent stability over wide temperature ranges. Because the Clean Earth Magnet inputs are globally sourced commodities, they are less vulnerable to geopolitical tensions that have resulted in supply and price instability.

“We are thrilled to be selected as one of TIME’s Best Inventions of 2023. This recognition of our powerful Clean Earth Magnet validates the overwhelming need for innovation within the materials space,” said Jonathan Rowntree, CEO, Niron Magnetics. “Rare earth elements have become a piece of our critical infrastructure, and current efforts to recycle permanent magnets paired with renewed investment in domestic mining will not be enough to address the projected shortage of these specialty magnets. We are driven to solve this problem with a viable, less expensive, more flexible alternative to rare-earth magnets.”

To compile the list, TIME solicits nominations from its editors and correspondents around the world, and through an online application process, paying special attention to growing fields—such as AI, green energy, and sustainability. TIME then evaluates each contender on a number of key factors, including originality, efficacy, ambition, and impact.

Of the new list, TIME’s editors said, “The result is a list of 200 groundbreaking inventions (and 50 special mention inventions)—including the world’s most powerful supercomputer, a game-changing entertainment venue, and a new shape—that are changing how we live, work, play, and think about what’s possible.”

To learn more about Niron Magnetics and its Clean Earth Magnet technology, please visit https://nironmagnetics.com/.

To see the full list, please visit https://time.com/collection/best-inventions-2023/.

About Niron Magnetics

Niron Magnetics is developing the world’s first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. Niron’s proprietary Clean Earth Magnet® technology based on Iron Nitride enables magnets that possess inherently higher magnetization compared to today’s rare earth magnets and will enable a revolution in the design of new electric motors and generators. Niron is part of many innovative design partnerships, including a U.S. Department of Energy funded project that aims to develop more cost effective and sustainable drivetrains for electric vehicles. For more information on Niron Magnetics and its technology, please visit https://www.nironmagnetics.com/.