Niron Magnetics: Green High-Performance Magnets Get More Green From Samsung

Back in 2020, Barry Vogel, the director of the Audio & Loudspeaker Technologies International (ALTI) Association called me excitedly about Niron Magnetics and about a new magnet material developed from research at the University of Minnesota. Iron Nitride (FeN) was perhaps the biggest news in magnets in 40 years. Composed of common elements — Iron and Nitrogen - the potential of permanent magnets from Niron could be a breakthrough and a game-changer for the audio industry.
  Several reports for audioXpress and Voice Coil mentioned Niron Magnetics and the essential is available in the article "Next-Generation Rare-Earth-Free Magnets Are Coming" available online. Dr. Jian-Ping Wang early research confirmed the potential of Iron Nitride as a magnet material with high magnetic saturation. In 2010, after a presentation at the American Physical Society, he received a call from the Department of Energy's ARPA-e division, leading to a grant from the agency to research permanent magnets made from Iron Nitride. That led to the creation of Niron Magnetics in 2014.

For high performance applications, magnets made of rare-earth materials are the most widely used today (such as "neo" NdFeB magnets). However, the mining, extraction, and manufacturing processes are labor intensive, expensive, and environmentally damaging. Due to persistent supply chain and geopolitical issues, the prices of these materials have been historically unstable. With escalating tensions between the United States and China, the situation could get worse.

The need for a stable and unlimited supply chain of an alternative to neodymium for both military and electric motors resulted in investments from GM Ventures, Volvo Cars Tech Fund, and Stellantis (Fiat/ Chrysler Automobiles and French PSA). From the perspective of the component supply chain to the automotive industry, which has to live with long-term pricing contracts, Niron is sent from Heaven. Specifically, the raw material pricing is stable and sourced from around the world.

The progress of Niron's long road to commercialization and application of Niron magnets in the loudspeaker industry, where I and Salvador Magdaleno (Salvador Consultant) have been working with Niron, has not allowed us to say much about the progress being made. It's been quiet lately: to quote my contact at Niron, "Even this year isn't the year we're looking to hang up our "OPEN" sign. We're getting sufficient traction through inbound channels. Niron was at 2024 CES (maybe even showed a loudspeaker! - that from Mike).
  The plan had been to have no Niron presence and only support the customers who were showcasing Niron demonstrations in their back rooms. Just before CES this year the DOE asked Niron to join their booths and you don’t say no to the government which gave you a $17.5 million grant.

Here is the 2024 Niron update:
1. Samples will be delivered to industry partners still in 2024.
2. Technical magnet information will be shared within the bounds of strategic commercial partnerships. Just like all magnets, there are many grades and ongoing performance improvements will be productized in response to customer demand and feedback. It was not so long ago that neodymium magnets were prone to corrosion and 30 MGOe was considered awesome, today 40 MGOe is a good grade and even 50+ MGOe is commercially available.
3. In 2025, Niron Magnetics will be building a low-volume manufacturing plant most likely in Minneapolis while also starting a nationwide search to locate a site to build a high-volume manufacturing plant. In addition, some important magnet production equipment will be necessary for that.
4. 2026 will see expansion of the first-generation plant while beginning construction of the high-volume manufacturing plant in 2027.

How will Niron finance these ambitious milestones? By the end of 2023 they had already received $86 million in funding, in a mix of equity and $61.3 million of convertible securities. Now, with their sights on large scale production still more investment was needed and Samsung has led the round (as announced February 20) with $25 million in new strategic funding. Samsung Ventures has the investment mandate to closely track the strategic priorities of leading consumer electronics manufacturer Samsung and encompasses investments in consumer electronics, semiconductors, telecommunications, and more. Also, in this round is Allison Ventures, the venture capital arm of Allison Transmission, designer and manufacturer of vehicle propulsion solutions, along with automotive supplier giant, Magna.
www.nironmagnetics.com