UMN Startup Honored by Time Magazine for Green Energy Innovation

Niron Magnetics

UMN startup Niron Magnetics was recently included in Time Magazine’s “The 200 Best Inventions of 2023” for its Clean Earth Magnet, which, unlike contemporary magnets that rely on rare-earth elements often sourced from China, uses affordable and abundant materials iron and nitrogen. This magnet is stronger and has 90% less impact on the environment than its rare-earth counterparts and can be used to power electric vehicles, wind turbines, and more.

Niron Magnetics is currently partnering with Volvo and received $17.5 million in pilot funding from the US Department of Energy, who said these magnets will help the White House reach its 2030 electric vehicle goal. Based in Minneapolis, Niron Magnetics has doubled its staff by hiring more than 30 people this year with expectations to double staff again next year and hopefully build a factory in Minnesota.

Learn more about this award and Niron Magnetics in a short Fox 9 news segment