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General Motors and Stellantis announced their collaboration with start-up Niron Magnetics in a recent funding round worth $33 million. The objective of this partnership is to pioneer the development of electric vehicle magnets without the need for rare earth materials.
While the financial terms of the investment were not disclosed, insider sources revealed that General Motors invested $7 million and Stellantis invested $5 million in Niron Magnetics, as per Reuters.
The Role of Permanent Magnets in Electric Vehicles
Permanent magnets serve as the motors in electric vehicles, facilitating the conversion of electrical power into motion. Currently, manufacturing these magnets requires rare-earth minerals such as terbium, dysprosium, praseodymium, and neodymium.
However, these minerals are cost-intensive and predominantly sourced from overseas. Niron's iron nitride magnet, known as the Clean Earth Magnet, offers a powerful and sustainable alternative to traditional permanent magnets.
CNN noted that General Motors stands to gain significant benefits from this venture, particularly in the drivetrain of their future electric vehicles. Currently, approximately 90% of the global rare-earth magnet supply depends on China, making the diversification of supply chains a critical goal.
China's Export Permit Requirement: The Challenges in the Rare Earth Industry
China's recent decision to enforce export permits for certain graphite products, commonly used in electric vehicles, has prompted the automotive industry to explore alternative solutions.
Niron Senior Director, Tom Grainger, highlighted challenges related to a lack of transparency in rare earth manufacturing processes and pricing. Moreover, the concentration of rare earth supplies in China further complicates the industry's dynamics. By decoupling production from rare earth mine development, Niron's innovative magnet technology has the potential to minimize environmental impact and streamline manufacturing steps.
"We believe Niron's unique technology can play a key role in reducing rare earth minerals from EV motors and help us further scale our North American-based supply chain for EVs," GM Ventures President Anirvan Coomer said.
By actively participating in Niron's funding round, General Motors and Stellantis aim to support the development of permanent magnets that do not rely on rare earths.
A Step Forward for Sustainable Magnet Production
Stellantis Ventures Managing Partner, Adam Bazih, expresses optimism about the future of magnet production, stating that "making powerful magnets from plentiful commodity materials decouples new production from rare earth mine development and lowers overall environmental impact."
Photo: Niron Magnetics Website
