Allison Ventures invests in the development of sustainable non-rare earth permanent magnets for integration in electric vehicle propulsion motors and renewable energy systems.
23 Feb 2024 | 4347 Views | By Autocar Professional Bureau
Allison Ventures, Allison Transmission’s venture capital arm, has announced its strategic investment in Niron Magnetics, a pioneering company in the field of sustainable non-rare earth permanent magnets. This investment marks a significant milestone in the advancement of clean energy solutions and the reduction of reliance on critical materials.
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Allison Ventures, Allison Transmission’s venture capital arm, has announced its strategic investment in Niron Magnetics, a pioneering company in the field of sustainable non-rare earth permanent magnets. This investment marks a significant milestone in the advancement of clean energy solutions and the reduction of reliance on critical materials.
"Niron Magnetics is excited to have Allison Ventures as a strategic partner," said Jonathan Rowntree, Chief Executive Officer, Niron Magnetics. "Their expertise and network in commercial-duty propulsion solutions will be instrumental in accelerating the adoption of our Clean Earth Magnet technology and expanding our market reach."
Niron Magnetics has developed a breakthrough technology that enables the production of powerful permanent magnets without the need for rare earth elements. With an extensive patent portfolio, Niron Magnetics is poised to revolutionize the magnet industry and address the challenges associated with the global supply chain of rare earth elements.
The strategic partnership between Allison Ventures and Niron Magnetics addresses the growing demand for sustainable and environmentally friendly solutions in commercial-duty mobility. Allison Ventures intends to back the commercialization and expansion of Niron's non-rare earth magnet technology, alongside other prominent leaders in the automotive industry, by participating in Niron Magnetics' funding round announced today.
"As the mobility industry evolves to cleaner technologies, it is critical to deliver those products in a sustainable manner. We are thrilled to partner with Niron Magnetics in their mission to enable global electrification and provide a sustainable alternative to rare earth magnets,” said Mike Foster, Executive Director and Chief Technology Officer, Allison Transmission. “Niron’s Clean Earth Magnet technology is meant to address the global demand and supply risks of rare-earth elements needed for electric motors and other critical applications."
The investment from Allison Ventures comes at a crucial time as the demand for rare earth elements continues to outpace production, leading to supply chain vulnerabilities and environmental concerns. Niron Magnetics' non-rare earth magnets offer a sustainable and cost-effective solution that can be seamlessly integrated into various applications, including electric vehicle propulsion motors and renewable energy systems.
Image: Niron Magnetics