Niron Magnetics wins conditional $150-million loan commitment for rare earth-free magnets

Niron Magnetics wins conditional $150-million loan commitment for rare earth-free magnets

Niron Magnetics has received a conditional commitment from the US Defense Department’s Office of Strategic Capital (OSC) for a direct loan of up to $150 million over a 20-year term. The loan would support construction and equipment at the company’s first commercial-scale plant for rare earth-free Iron Nitride permanent magnets, in Sartell, Minnesota. The 287,000-square-foot Sartell plant is scheduled to be operational in 2027 and would bring mat…