Minneapolis-based Niron Magnetics Inc. has been recognized in Time magazine's Best Inventions of 2023 for its Clean Earth Magnet.
The Clean Earth Magnet, a powerful and permanent magnet that's made without rare-earth materials, was one of 200 innovations recognized in Time's latest issue.
“This recognition of our powerful Clean Earth Magnet validates the overwhelming need for innovation within the materials space,” said Jonathan Rowntree, Niron's CEO, in a news release.
Founded in 2015, Niron Magnetics is developing rare-earth metals-free permanent magnets that can produce higher levels of magnetization and be manufactured at a lower cost.
Rare-earth magnets have become a piece of critical infrastructure (they are often used in electric motors and generators). But Rowntree noted that they're complicated and expensive to make. They're also susceptible to geopolitics: China processes 90% of all rare earths globally.
Niron's magnet, instead, uses more common materials like iron and nitrogen. The company also claims that its magnets outperform rare-earth magnets by as much as 50%.
Niron Magnetics recently told the Business Journal that it is preparing for significant growth to manufacture 500 tons of its magnets per year and expects to double its team size this year. In 2022, Niron was awarded $17.5 million through a federal grant.
In 2021, Niron also had the 12th-largest venture capital round for a Twin Cities company, securing $23 million in investments from Volvo Cars Tech Fund and Volta Energy Technologies. Niron has raised a total of $51.6 million since it was founded in 2014, according to data from Crunchbase.
Earlier this year, Niron named Jonathan Rowntree its new CEO as Andy Blackburn stepped down from the position after five years to be executive vice president of strategy.
