The Minneapolis – based company is working towards commercializing the world’s first rare-earth-free Iron Nitride permanent magnets, it said. Permanent magnets are essential components in defense systems, data centers, industrial automation, consumer electronics, robotics, aerospace applications, and advanced electric motors. Today, most rare earth permanent magnets are produced in Asian markets, creating strategic vulnerabilities for U.S. manufacturers. Niron’s supply chain has no rare earth materials, offshore separation, or heavy rare earth exposure, it said. The conditional financing is intended to accelerate the buildout of Niron’s first commercial-scale rare-earth-free permanent magnet manufacturing plant scheduled to be operational in 2027.