Loudspeakers and associated consumer electronics consume about 31,000 tons of magnets annually, projected to reach 43,000 tons by 2030. The loudspeaker market's share of magnet consumption is a small share, but global demand already outstrips neodymium supplies, leaving most companies with the poorest option of using heavier ferrite magnets.
Iron Nitride (FeN) is composed of common elements — iron and nitrogen, and Niron Magnetics developed a permanent magnet that is suitable as a clean alternative, combining breakthroughs in nano materials with mature metallurgical methods. Niron’s proprietary Clean Earth Magnet technology promises the best characteristics of neodymium with superior temperature tolerance, and offers an environmentally sustainable alternative. All the reasons for the audio industry to be watching closely any news from Niron Magnetics.
Scaling Production
This new investment round is a positive moment for Niron Magnetics and a clear sign of the rising expectations surrounding availability of its magnets. The round was led by Samsung Ventures, which has the investment mandate to closely track the strategic priorities of leading consumer electronics manufacturer Samsung (and Harman) and encompasses investments in consumer electronics, semiconductors, telecommunications, and more.
Allison Ventures, the venture capital arm of Allison Transmission, a leading designer and manufacturer of vehicle propulsion solutions, was also part of this funding round, along with one of the world’s largest automotive suppliers, Magna. This investment will strengthen Niron’s ability to expand its production facilities and scale manufacturing capacity for exclusive customer programs and initial sales of the Clean
Earth Magnet.
As the demand for more sustainable and efficient alternatives to rare-earth materials increases in automotive, consumer electronics, audio and beyond, Niron's iron nitride-based Clean Earth Magnet offers an environmentally sustainable, globally manufacturable, and stable supply input solution.
In addition to Samsung Ventures, Allison Transmission, and Magna, current investors Shakopee Mdewakanton Sioux Community and University of Minnesota also participated in this round, providing additional funding. By joining Niron's impressive list of investors, which already includes GM Ventures, Stellantis Ventures, Volvo Cars Tech Fund, and more, this diverse group of strategic partners demonstrate the potential of Niron's Clean Earth Magnet technology to revolutionize a broad range of industries.
"Samsung Ventures is committed to investing in companies that are driving innovation and sustainability in their respective industries. Niron Magnetics' Clean Earth Magnet technology has the potential to revolutionize the consumer electronics and audio market by providing a high-performance, rare-earth-free alternative to traditional magnets," states a spokesperson for Samsung Ventures.
"Magna invests in technologies for multiple reasons, including those that have the potential to enhance our competitive position, meet the needs and expectations of our customers, and, when relevant, align with our sustainability goals," says Josh Berg, Managing Director, Technology Investments and Ventures at Magna. "Niron’s Clean Earth Magnet technology is an example of a solution we believe could be a building block for our future sustainable product innovations."
With this new funding, Niron will expand its pilot production facilities, enhancing its ability to serve diverse clientele and support customer prototyping programs. The company will also scale up manufacturing capacity to meet growing demand and accelerate research and development efforts to drive continuous improvement in performance and efficiency.
"We are thrilled that leading global companies like Samsung Ventures, Allison Transmission, and Magna recognize the potential of our Clean Earth Magnet to transform industries and create a more sustainable future," adds Jonathan Rowntree, CEO of Niron Magnetics. "We look forward to collaborating closely with all of our investors and partners to work towards enabling a rare earth-free alternative in magnetics."
Supporting the Audio industry
According to Niron Magnetics, samples of magnets will be delivered to industry partners in 2024. When audioXpress requested clarification on how audio companies and speaker manufacturers specifically could engage with Niron Magnetics to have access to the technology we received the following answer: "We share technical information within the bounds of our strategic commercial partnerships. Just like all magnets, there are many grades and as we continue to improve the performance we’ll productize in response to customer demand and feedback we’re getting from our commercial partners."
Niron's production facilities are currently located in Minneapolis, MN. Next year, the company will be building a low-volume manufacturing plant most likely in Minneapolis, and they've also started a nationwide search to locate a site to build a high-volume manufacturing plant. The goal for 2025 is to build a low-volume manufacturing plant, and expand that in 2026 while they build the high-volume manufacturing plant in 2027.
www.nironmagnetics.com
