Crowder Securities Limited - GM and Stellantis Invest in EV Magnet Startup

General Motors (GM) and Stellantis (STLA) have invested a total of $33 million in Niron Magnetics, a firm that manufactures rare earth-free magnets used in electric vehicles (EVs).
WAN CHAI, Hong Kong - Nov. 17, 2023 - PRLog -- The Clean Earth Magnet, a rare earth-free permanent magnet, is manufactured by Niron Magnetics, a firm located in Minneapolis, Minnesota. The magnets, according to Niron Magnetics, might provide a robust and sustainable alternative to those created from rare-earth minerals.

"Permanent magnets are vital parts in all automobiles," but especially EVs, according to Niron Magnetics' news statement announcing the financing. The fresh investments, according to the business, might help it realize the "potential of its Clean Earth Magnet technology to meet the automotive industry's need to diversify and secure its supply chain with a viable alternative to rare earth magnets."

Stellantis Ventures managing partner Adam Bazih stated that the firm was "drawn to invest in Niron by the impressive sustainability benefits that its Clean Earth Magnet technology offers for vehicles and the inherent scalability of their solution."

The investment by GM and Stellantis comes amid concerns over China's reliance on rare earths. Recent Chinese limitations on minerals used to create EV batteries show some of the possible hazards associated with this dependency, such as supply chain disruptions and manufacturing shortages that might harm EV manufacturers.

According to GM, the investment is a critical step toward the company's "goal of establishing a more secure, sustainable, North American-focused EV supply chain."

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