Niron Magnetics Awarded $52 Million to Advance US Rare-Earth-Free Magnet Manufacturing

Niron Magnetics, a leading manufacturer of high-performance rare-earth-free permanent magnets, ​​has been awarded a $52.2 million tax credit under the Section 48C Advanced Energy Project tax credit program to advance the construction of the world’s only manufacturing facility of these magnets in Sartell, Minnesota. This award follows a competitive process led by the Departments of Energy and Treasury, which evaluated the technical, commercial, and environmental merits of over 800 projects nationwide.