US-based magnet manufacturer Niron Magnetics has been awarded a $10-million grant from the Minnesota Forward Fund to support the construction of its production site for iron nitride-based rare earth-free permanent magnets in Sartell, Minnesota.
The financing will help the company advance the development of Plant 1, a 190,000-square-foot facility.
Construction of the plant, located on property owned by the former Verso Paper Mill site, is scheduled to begin before the end of this year, and operations are expected to commence in early 2027.
Niron Magnetics’ iron nitride-based magnets offer an alternative to traditional rare-earth permanent magnets, which are primarily manufactured overseas through supply chains vulnerable to geopolitical disruption. The magnets are produced using abundant materials like iron and nitrogen, eliminating dependence on rare earth elements while delivering the level of magnetic performance required for applications like EVs, industrial motors and defense equipment, as well as data centers and consumer electronics.
The Minnesota Forward Fund, administered by the Minnesota Department of Employment and Economic Development (DEED), provides grants and loans to businesses making substantial private capital investments in new industries. The award builds upon the $2-million grant the City of Sartell received from DEED’s Greater Minnesota Business Development Public Infrastructure Grant Program in June 2025 to support street and utility construction for the facility.
“The Minnesota Forward Fund award is instrumental in helping us scale our innovative magnet technology and establish Minnesota as the global hub for sustainable permanent magnet manufacturing,” said Jonathan Rowntree, CEO of Niron Magnetics.
Source: Niron Magnetics
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