Niron has collected $21.3m in funding from investors including Volvo Cars Tech Fund to build a pilot production facility for its rare earth-free magnets.
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…
Thierry Heles
Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).
