Niron Magnetics today was awarded a $10,000,000 grant from the Minnesota Forward Fund to support the construction of its groundbreaking manufacturing facility in Sartell, Minnesota. The award will help advance the development of Plant 1, a 190,000-square-foot facility that will serve as the world's first full-scale production site for Iron Nitride-based rare-earth-free permanent magnets.
The Minnesota Forward Fund, administered by the Minnesota Department of Employment and Economic Development (DEED), provides grants and loans to businesses making significant private capital investments in new industries. This award builds upon the $2 million grant the City of Sartell received from DEED's Greater Minnesota Business Development Public Infrastructure Grant Program in June of 2025 to support street and utility construction for the facility.
"We are honored to receive this recognition and support from the State of Minnesota," said Jonathan Rowntree, CEO of Niron Magnetics. "The Minnesota Forward Fund award is instrumental in helping us scale our innovative magnet technology and establish Minnesota as the global hub for sustainable permanent magnet manufacturing. This investment demonstrates the state's commitment to advanced manufacturing, clean energy, and domestic supply chain security."
The Sartell facility, located on property owned by the former Verso Paper Mill site, represents a major economic development milestone for the region. The plant is expected to create 175 full-time jobs. Construction is scheduled to begin this fall, with operations anticipated to commence in early 2027.
Niron Magnetics' iron nitride-based magnets offer a sustainable alternative to traditional rare-earth permanent magnets, which are predominantly produced overseas through supply chains vulnerable to geopolitical disruption. Made from abundant materials like iron and nitrogen, Niron Magnetics’ technology eliminates dependence on rare earth elements while delivering superior magnetic performance for applications in electric vehicles, data centers, industrial motors, consumer electronics, and defense equipment.
"The Minnesota Forward Fund was created to support transformative projects like Niron Magnetics that strengthen our state's economy and create high-quality jobs," said Matt Varilek, Commissioner, DEED. "This investment in rare-earth-free magnet manufacturing positions Minnesota as a global leader in clean energy technology while securing domestic supply chains for critical materials. We are proud to support Niron's expansion in Sartell and the economic opportunities it brings to Greater Minnesota."
About Niron Magnetics
Niron Magnetics is scaling the world’s first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. The company’s proprietary magnet technology, based on Iron Nitride, enables magnets that exhibit exceptionally high magnetization, are free of rare earths and other critical materials, and will drive innovation across industries. For more information about Niron Magnetics and its technology, please visit https://www.nironmagnetics.com/.
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