University of Minnesota spinout Niron Magnetics has collected $21.3m in funding 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 based on research at University of Minnesota, has picked up $21.3m in a funding round backed by the Volvo Cars Tech Fund, an investment unit for automotive manufacturer Volvo.
Investment firm Volta Energy Technologies also invested in the round. Volvo and Volta “join” existing investors University of Minnesota and Anzu Partners, a press release stated without clarifying whether this meant they participated in the latest round.
