Revolutionizing American Energy: The Startup Leading the Way
Niron, a Minneapolis-based startup, is developing a process to create permanent magnets without using rare-earth materials from China, which pose a national security risk. The demand for permanent magnets, used in everything from electric vehicles to wind turbines to consumer electronics, far outstrips the supply and relies on materials from China. Niron's iron-nitride magnets can already do the job in many cases and it's continuing to improve the technology. The company has raised more than $100 million and plans to open a full-scale production facility within the next three or four years.