MINNEAPOLIS, Minn. — March 16, 2026 — Niron Magnetics, the leading manufacturer of rare-earth-free Iron Nitride permanent magnets, today announced that it is initiating a formal site selection process for a new high-volume manufacturing (HVM) plant in the U.S. The new plant is intended to significantly expand national production capacity for the next-generation of permanent magnets that are critical across automotive, consumer electronics, industrial, and defense sectors.
The proposed 1,600,000 square foot project represents Niron Magnetics’ second U.S. plant and will enable the manufacturing of up to 10,000 tons of Iron Nitride permanent magnets annually. Once operational, the plant will support approximately 1-2% of the global permanent magnet market share. The project is anticipated to include up to $1.6 billion in capital investment and create more than 700 high-quality full-time jobs, representing a major economic development opportunity.
“This process is about identifying a partner that shares our commitment to rebuilding U.S. manufacturing capability for technologies that are essential to the global economy,” said Jonathan Rowntree, CEO of Niron Magnetics. “Permanent magnets are foundational to everything from electric motors to defense, and expanding domestic production with the right partner who shares this vision will be critical to strengthening supply chain resilience.”
Founded in 2013 through a partnership with the U.S. Department of Energy and the University of Minnesota, Niron Magnetics has developed a proprietary manufacturing process for high-performance permanent magnets made entirely without rare earth elements. The company has established partnerships with leading global manufacturers across the automotive, industrial, and technology sectors, completed a multi-year pilot manufacturing scale-up project with the U.S. Department of Energy, and is currently developing its first full-scale manufacturing plant in Sartell, Minnesota.
As part of the site selection process for this commercial-scale manufacturing plant, Niron Magnetics is working with Savills, a global commercial real estate advisory firm that supports companies, investors, and governments on site selection, industrial development, and large-scale manufacturing projects across the U.S. and internationally.
“Large-scale advanced manufacturing requires close alignment between technical requirements, infrastructure readiness, and long-term partnership with state and local stakeholders,” said Ken Biberaj, Executive Managing Director of Savills. “We’re working with Niron Magnetics to identify locations that can support a highly specialized, scalable manufacturing operation while creating durable economic value for the communities involved.”
The new site under consideration is anticipated to begin construction in early 2028, and locations are being evaluated based on access to transportation infrastructure, energy capacity, workforce availability, and alignment with environmental and economic development priorities.
Niron Magnetics will share updates as key milestones in the site selection process are reached.
About Niron Magnetics
Niron Magnetics is the world’s only producer of high-performance, rare-earth-free permanent magnets. The company’s Iron Nitride magnet technology delivers advanced permanent magnets that power essential devices across industrial, automotive, consumer electronics, and defense applications. Through its state-of-the-art manufacturing plant in Minnesota, Niron serves leading manufacturers who require reliable, domestically produced permanent magnets for their products. For more information on Niron Magnetics and its technology, please visit https://www.nironmagnetics.com/