This U.S. company's new magnet could loosen China's stranglehold on the supply chain

"High-power magnets undergird an enormous amount of modern society. From high-end audio speakers to electric vehicles, wind turbines, and fighter jets, they are a vital component in much of the technology we touch every day. To make them requires mining and refining rare earth elements -a supply chain largely controlled by China. Companies around the world are racing to find alternatives by using materials that are more abundant and cheaper to produce domestically. Minneapolis-based Niron Magnetics believes it has found a solution, claiming it can approach key aspects of rare earth magnet performance, using humble iron and nitrogen-albeit in an exotic formulation."

""The Chinese put export controls in place around rare earths, and that's been a great benefit to us," says Niron CEO Jonathan Rowntree. China currently accounts for around 60% of global rare earth mining, according to the International Energy Agency, and about 90% of refining (including ore mined in and shipped from the U.S.). It also supplies over 90% of rare earth magnets, according to the U.S. Department of Energy. Geopolitical tensions are putting that supply in jeopardy."

""We want to be able to solve this problem for Western companies as quickly as possible," Rowntree says. When asked if Niron will only serve the West, he says, "All these countries outside of China have the same problem." Beyond the U.S., Niron plans to build one factory somewhere in Europe and another in Asia. "It won't be in China. It'll be in Southeast Asia, most likely," he says."

High-power magnets power audio speakers, electric vehicles, wind turbines, and fighter jets. Producing those magnets requires mining and refining rare earth elements, with China largely controlling mining, refining, and magnet production. Geopolitical tensions and export controls increase supply risk for Western companies. Companies are pursuing alternatives using more abundant materials. Minneapolis-based Niron Magnetics claims an iron-nitrogen formulation can approach key aspects of rare-earth magnet performance. General Motors, Stellantis, and the U.S. government are investing in the technology. Niron plans factories in the U.S., Europe, and Southeast Asia to reduce dependence on neodymium-based magnets.

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