Japanese automaker Honda Motor has made an investment in Niron Magnetics Inc, a US-based company that “is commercialising the world’s first rare-earth-free iron nitride permanent magnets.” The investment was made through Honda Xcelerator Ventures, Honda’s dedicated venture capital unit normally used for investments in innovative technology companies.
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Interest in next-generation rare-earth-free magnetics has increased significantly in recent years, as global industries, including the automotive industry, look to reduce their dependence on China’s dominance of the global rare-earth materials supply.
Rare earth materials are used extensively in current high-performance magnets used in electric motors, as well as in some electronic components. Demand from the global automotive industry has increased sharply in recent years, as it continues to transition to smart, connected electrified vehicles. The development of high-performance magnets that do not require costly rare earth materials has become a key priority, particularly in the US.
Niron confirmed that its iron nitride magnet technology is applicable across a wide range of applications, including automotive, robotics, industrial automation, emerging mobility platforms, AI and data centre infrastructure, and consumer electronics.
Niron said in a statement that Honda’s investment in the company “builds on high expectations for innovative, next-generation rare-earth-free magnetic materials, and will support continued commercialization of Niron’s rare-earth-free permanent magnet technology, as well as help scale the company’s manufacturing operations.”
Niron’s CEO, Jonathan Rowntree, said in a statement: “This investment reflects the increasing focus on rare-earth-free magnet technology as manufacturers look for more resilient solutions. Following the investment from Honda, we are encouraged by their confidence in our technology and vision for scaling rare-earth-free permanent magnets across a broad range of applications. The investment adds to growing industry momentum as manufacturers increasingly direct resources to alternatives to rare-earth-based magnets.”
