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Minneapolis Magnet Company Attracts Funding from Big Automakers

Startup Niron Magnetics raised $33 million in new funding from GM and Stellantis and a more surprising investor.

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Niron Magnetics, General Motors partner on EV vehicle technology

Niron Magnetics, General Motors partner on EV vehicle technology
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GM partners with startup to develop parts for EV motors to bring down costs

GM and a Minneapolis startup will co-develop a Clean Earth Magnet to use in electric vehicle motor rotors on GM's future EVs.

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Niron Magnetics secures $17 5M ARPA-E SCALEUP grant to boost production of FeN magnets

Niron Magnetics, a developer of high-performance, rare earth-free permanent magnets (earlier post), announced that the US Department of Energy’s (DOE) Advanced Research Projects Agency – Energy (ARPA-E) has awarded the company a $17.5-million grant as part of its Seeding Critical Advances for Leading Energy technologies with Untapped Potential (SCALEUP) program..

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