The investment arm of Allison Transmission, an Indianapolis-based auto supplier with an electrification engineering center in Auburn Hills, Allison Ventures, has invested in Niron Magnetics in Minneapolis, a company developing sustainable non-rare earth permanent magnets for EVs and other applications.
The investment is meant to advance the development of clean energy solutions and help reduce the reliance on rare critical materials.
“Niron Magnetics is excited to have Allison Ventures as a strategic partner,” says Jonathan Rowntree, CEO of Niron Magnetics. “Their expertise and network in commercial-duty propulsion solutions will be instrumental in accelerating the adoption of our clean earth magnet technology and expanding our market reach.”
Niron Magnetics has developed a technology enabling the production of powerful permanent magnets without the need for rare earth elements. With its patent portfolio, Niron Magnetics is working to address the challenges associated with the global supply chain of rare earth elements.
The partnership between Allison Ventures and Niron Magnetics is meant to address the growing demand for sustainable and environmentally friendly solutions in commercial-duty mobility.
“As the mobility industry evolves to cleaner technologies, it is critical to deliver those products in a sustainable manner,” says Mike Foster, executive director and chief technology officer for Allison Transmission.
“We are thrilled to partner with Niron Magnetics in their mission to enable global electrification and provide a sustainable alternative to rare earth magnets. Niron’s clean earth magnet technology is meant to address the global demand and supply risks of rare-earth elements needed for electric motors and other critical applications.”
The investment from Allison Ventures comes as the demand for rare earth elements continues to outpace production, leading to supply chain vulnerabilities and environmental concerns.
Niron Magnetics’ non-rare earth magnets are meant to offer a sustainable and cost-effective solution that can be integrated into various applications, including electric vehicle propulsion motors and renewable energy systems.
