Office of Strategic Capital Signs $150 Million Conditional Loan Commitment with Niron Magnetics, Inc. to Scale Domestic Rare Earth-Free Magnet Production
x The Department of War's Office of Strategic Capital (OSC) announced today a $150 million conditional loan commitment to Niron Magnetics, Inc. (Niron) to build out the company’s rare earth-free magnet production capabilities. Founded in 2014, Niron is a private U.S. corporation headquartered in Minnesota. The company seeks to eliminate dependence on rare earth magnets sourced from foreign jurisdictions. N iron’s magnets are revolutionary because they do not use rare earths, yet they provide similar, and in some cases superior, performance and physical properties compared to rare earth magnets. Niron develops and manufactures 100% domestic, rare earth-free permanent magnets, eliminating reliance on foreign-dominated supply chains. Built on over a decade of research and development, Niron’s magnets offer a path to ending dependency on foreign-produced rare earth magnets. Niron circumvents the concentrated and vulnerable rare earth supply chain by s...