Niron’s proprietary Clean Earth Magnet® technology is based on iron nitride, a plentiful and affordable material with “real potential for commercial use in future EVs,” GM said. The permanent magnets in EV motor rotors are typically made from rare earth minerals like terbium, dysprosium, praseodymium and neodymium, which are expensive and currently processed almost entirely overseas. A late model car can use hundreds of magnets. This technology can cut their cost in half it’s claimed.

GM and Niron have completed a strategic partnership agreement to co-develop Clean Earth Magnet motor technology that can be used in future GM EVs. GM Ventures has also made an investment in Niron, which will join the ranks of its 30-plus portfolio companies. The investment will support the scaling of Niron’s manufacturing and commercialization of their sustainable magnets. Chinese owned Volvo is also an investor in Niron. The new funding from GM Ventures, also joins Stellantis Ventures, Shakopee Mdewakanton Sioux Community, University of Minnesota, among others to help accelerate commercialization of Niron’s Clean Earth Magnet® technology

“GM invented rare earth permanent magnets nearly 40 years ago, and now we’re working together to bring the next generation of automotive magnet technology to market,” said Jonathan Rowntree, CEO of Niron Magnetics. “We think that our Clean Earth Magnets can help GM in its goal to put everyone in an EV.”