Niron Magnetics wins up to $150M federal loan
Niron Magnetics has been approved for a federal loan of up to $150 million to expand production of rare-earth-free permanent magnets at facilities in Minnesota, a move that could boost local jobs and investment.[1]
The money is earmarked for scaling manufacturing at Niron's Minnesota plants.[1] The financing ties a major piece of federal industrial policy and clean-tech supply-chain strategy directly to the Twin Cities manufacturer.[1]
Niron, headquartered in Minneapolis, has developed permanent magnets that avoid reliance on scarce rare-earth elements and has sought domestic manufacturing scale to serve clean-tech markets.[1]
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📌 Key Facts
- Niron Magnetics, headquartered in Minneapolis, has been approved for a federal loan of up to $150 million.
- The money is earmarked to expand production of Niron’s rare-earth-free permanent magnets at facilities in Minnesota.
- The financing ties a major piece of federal industrial policy and clean-tech supply-chain strategy directly to a Twin Cities manufacturer, with promised local job and investment growth.
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