Niron Magnetics Secures Funding From GM Samsung Magna And Allison For Rare Earth Magnets

Envision a future in which magnets manufactured from more affordable and ecological materials power electric cars. A Minneapolis-based startup called Niron Magnetics is making that future a reality. 

A Strategic Alliance between Niron Magnetics and General Motors

A strategic alliance is being formed between Niron Magnetics and General Motors to advance the Minneapolis company's technology for application in electric vehicle motors.

• Niron has raised $33 million in a fresh round of funding from GM and Stellantis venture funds, the firms announced.

• Former investors in the business, the University of Minnesota and the Shakopee Mdewakanton Sioux Community, both contributed to the most recent round of funding along with additional investors.

• Another investor in Niron is the Volvo Cars Tech Fund.

• The Clean Earth Magnet is being developed by Niron Magnetics and can be created from iron nitride, a common element that is thought to be more affordable and sustainable than the metals used in conventional permanent magnets.

The CEO of Niron Magnetics, Jonathan Rowntree, stated that the company's objective is to increase the energy efficiency of electric car motors.

Both Niron and the General Motors facilities will be used for the development work, according to Rowntree and GM Ventures principal Kai Daniels.

Metal alloys referred to as rare-earth elements are used to make the typical permanent magnet. The majority of the industry's supply chain is located in China. America's resources can be used to create Niron's magnet.

"It's critical for us to develop our EV supply chain and make sure that we have a North American-based presence in doing that," added Daniels.

Iron Nitrite: A Multipurpose Substance

Fe(NO₂)₃ is the formula for the chemical compound iron nitrite. Nitrite ions (NO₂⁻) and iron (III) ions (Fe³⁺) combine to make this salt.

Qualities and Uses

• Look: Generally speaking, iron nitrite is a brown or green crystalline solid.

• Solubility: Water does not destroy it.

• Reactivity: Strong oxidizers like iron nitrite can react with reducing agents.

Applications:

• Pigments: Iron nitrite can be added to glass and ceramics to give them a brown or green hue.

• Corrosion Inhibitors: It has the ability to prevent metals from corroding, especially in acidic settings.

The detection and determination of a variety of compounds can be accomplished through the use of iron nitrite as a reagent in analytical chemistry.

Aspects of Safety to Consider:

• Itchy: The skin, eyes, and respiratory system may become irritated by iron nitrite.

• Dangerous: Ingestion or inhalation may cause injury.

• Handling: Always wear gloves, eye and respiratory protection, and other appropriate protective gear when handling iron nitrite.

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Detail Information About the Association

A new kind of magnet created by Niron using iron nitride has the potential to completely transform the EV market. Niron can create its magnets domestically, unlike conventional magnets that depend on rare earth materials, which are frequently imported from China.

There may be major effects on the economy and ecology from this. We can improve national security and boost domestic companies by lowering our dependency on imported goods.

In order to commercialize their cutting-edge technology, Niron is already collaborating with well-known automakers like as Volvo and General Motors. Niron has the potential to significantly influence how electric vehicles are developed in the future with further study and advancement.

• Niron's invention: The business has created a novel kind of magnet using iron nitride, a less costly and more environmentally friendly substitute for rare earth elements. * Niron's invention: The business has created a novel kind of magnet iron nitride, a less costly and more environmentally friendly substitute for rare earth elements.

• Strategic alliances: To show off the potential of its technology, Niron has partnered with well-known automakers like Volvo and General Motors.

• Government support: The business has benefited from substantial federal funding for its R&D.

• Economic impact: Niron's activities may stimulate employment and the Minnesota economy.

Other Investments

Samsung Ventures

With investments in consumer electronics, semiconductors, telecommunications, and other areas, Samsung Ventures is tasked with closely monitoring the strategic priorities of the industry leader in consumer electronics, Samsung.

Magna And Allison Ventures

Magna, one of the biggest automotive suppliers in the world, also made an investment, while Allison Transmission, a prominent designer and manufacturer of vehicle propulsion systems, took part through its venture capital arm, Allison Ventures.

Samsung Ventures stated that it is dedicated to funding businesses that are advancing sustainability and innovation in their respective sectors. "The Clean Earth Magnet technology from Niron Magnetics offers a high-performance, rare-earth-free substitute for conventional magnets, with the potential to completely transform the consumer electronics and audio markets."

"We are ecstatic that top international firms like Magna, Allison Transmission, and Samsung Ventures see how our Clean Earth Magnet can revolutionize sectors and build a more sustainable future," stated Jonathan Rowntree, CEO of Niron Magnetics. "We are eager to work closely with all of our partners and investors to enable a rare earth-free alternative in magnetics."