Niron Magnetics, a manufacturer of rare-earth-free Iron Nitride permanent magnets, today announced that it is initiating a formal site selection process for a new high-volume manufacturing (HVM) plant in the U.S.
The new plant is intended to expand national production capacity for the next generation of permanent magnets that are critical across automotive, consumer electronics, industrial and defense sectors.
The proposed 1,600,000-square-foot project represents Niron Magnetics’ second U.S. plant and will enable manufacturing of up to 10,000 tons of Iron Nitride permanent magnets annually. Once operational, the plant will support approximately 1-2% of global permanent magnet market share. The project is anticipated to include $1.8 billion in capital investment and create more than 700 full-time jobs.
Founded in 2013 through a partnership with the U.S. Department of Energy and the University of Minnesota, Niron Magnetics has developed a proprietary manufacturing process for permanent magnets made entirely without rare earth elements. The company has established partnerships with manufacturers across the automotive, industrial and technology sectors; completed a multi-year pilot manufacturing scale-up project with the U.S. Department of Energy; and is currently developing its first full-scale manufacturing plant in Sartell, Minnesota.
As part of the site selection process for this commercial-scale manufacturing plant, Niron Magnetics is working with Savills, a global commercial real estate advisory firm that supports companies, investors and governments on site selection, industrial development and large-scale manufacturing projects across the U.S. and internationally.
The new site under consideration is anticipated to begin construction in early 2028, and locations are being evaluated based on access to transportation infrastructure, energy capacity, workforce availability and alignment with environmental and economic development priorities.
Niron Magnetics will share updates as key milestones in the site selection process are reached.
