Niron Magnets Receives Conditional $150 Million Department of War Commitment

Niron Magnetics, the company commercializing the world’s first rare-earth-free Iron Nitride permanent magnets, today announced a conditional commitment from the Department of War’s Office of Strategic Capital (OSC) for a direct loan of up to $150 million with a 20-year term to support construction and equipment for the company’s advanced manufacturing plant in Sartell, Minnesota. The financing would accelerate domestic production of Niron’s proprietary Iron Nitride permanent magnets, which do not require rare earth materials, and would expand domestic production of advanced permanent magnets.