Just over a week after making Time Magazine’s list of best 200 inventions of 2023, UMN startup Niron Magnetics has announced a strategic partnership with General Motors. The car manufacturer hopes to use Niron Magnetics’ Clean Earth Magnet to improve the energy efficiency of electric vehicle motors. This magnet is made from iron nitride, a much more sustainable and less expensive alternative to metals used in standard permanent magnets.
Niron Magnetics just completed a $33 million financing round, which includes venture funds from GM and automotive manufacturing company Stellantis, and from previous investors, Shakopee Mdewakanton Sioux Community (SMSC) and the University of Minnesota Discovery Capital program. These funds will help Niron expand production facilities and work to commercialize its magnet, which will in turn help strengthen the electric vehicle supply chain.