NIRON MAGNETICS RECEIVES CONDITIONAL $150 MILLION DEPARTMENT OF WAR COMMITMENT

NIRON MAGNETICS RECEIVES CONDITIONAL $150 MILLION DEPARTMENT OF WAR COMMITMENT

PR Newswire

MINNEAPOLIS, Aug. 7, 2026

Up to $150 million would support construction and equipment for Niron Magnetics' Sartell, Minnesota manufacturing plantRare-earth-free Iron Nitride magnets do not depend on rare earth materials and enable a new approach to domestic magnet manufacturing20-year direct loan commitment from the Office of Strategic Capital reflects strategic support for domestic production of advanced permanent magnetsSartell plant will be operational in 2027 and create up to 175 full-time jobsFirst commercial-scale Iron Nitride production of Niron Magnetics' manufacturing platform, with expansion planning already underwayMINNEAPOLIS, Aug. 7, 2026 /PRNewswire/ -- Niron Magnetics, the company commercializing the world's first rare-earth-free Iron Nitride permanent magnets, today announced a conditional commitment from the Department of War's Office of Strategic Capital (OSC) for a direct loan of up to $150 million with a 20-year term to support construction and equipment for the company's advanced manufacturing plant in Sartell, Minnesota. The financing would accelerate domestic production of Niron's proprietary Iron Nitride permanent magnets, which do not require rare earth materials, and would expand domestic production of advanced permanent magnets.