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Dive Brief:
Honda Motor Co. has invested in Minnesota-based Niron Magnetics, a developer of rare earth-free magnets for a wide variety of applications, including electrified vehicle powertrains, per a Sept. 9 press release.
The investment was made through the automaker’s global open innovation program, Honda Xcelerator Ventures. The investment amount was not disclosed.
“Most electric propulsion motors today use permanent magnets made from rare earth metals, which are subject to resource constraints and fluctuations in market conditions, said Mahito Shikama, Director, Executive Officer of Honda Motor Co., in a statement. “Niron Magnetics is addressing these challenges, and Honda has high hopes for its potential.”
