Niron Magnetics

Niron Magnetics is a Minneapolis-based advanced materials company developing the world's first high-performance permanent magnets free of rare-earth elements. Founded in 2013 and spun out of the University of Minnesota, the company's proprietary Iron Nitride technology — branded as Clean Earth Magnet — enables magnets made entirely from abundant, domestically-sourced iron and nitrogen. These magnets match or exceed the performance of rare-earth-based magnets, offering superior temperature stability and a significantly lower environmental footprint. Niron's technology addresses critical supply chain vulnerabilities for electric vehicles, wind turbines, and other clean energy applications that currently depend on rare-earth minerals sourced predominantly from China. In 2024, the company opened the world's first Iron Nitride permanent magnet manufacturing facility.