GM, Stellantis invest in EV magnet startup Niron Magnetics

Niron Magnetics announced it has raised $33M additional funding, with new investments from leading automotive manufacturers, GM Ventures (GM) and Stellantis Ventures (STLA), and previous local investors, Shakopee Mdewakanton Sioux Community and the University of Minnesota, amongst other investors. This new financing will allow Niron to expand its current pilot production facilities and scale manufacturing capacity for exclusive customer programs and initial sales of its Clean Earth Magnet. “Nearly 40 years ago, GM’s R&D team discovered and commercialized the world’s first high-powered, rare-earth permanent magnet material. GM Ventures’ investment in Niron’s Magnetics brings our rich history in specialized magnet innovation full circle,” said Anirvan Coomer, president of GM Ventures. “Niron’s Clean Earth Magnet could help GM make more affordable EVs for its customers out of more abundant materials.”