Noveon Magnetics took in $75 million in Series B funding and plans to use the money to expand its facilities.
The Texas-based neodymium rare earth magnet manufacturer has a 145,000-square-foot commercial facility in San Marcos, Texas that is on track to produce about 2,000 tons of magnets annually by 2024.
The process requires 20% less heavy rare earth material than traditionally produced magnetic materials and can handle everything from virgin materials to 100% recycled, end-of-life feedstock materials.
Noveon CEO Scott Dunn previously told E-Scrap News that the supply comes from some of the largest North American recyclers and includes diverse material streams such as motors, energy systems, medical devices and data storage.
The round of funding was led by NGP and Aventurine Partners. James Wallis, a partner at NGP, will join Noveon’s board of directors.
Dunn said in a press release the funding will “allow our company to continue ramping up production to help fulfill our robust sales pipeline and meet the skyrocketing global demand for critical rare earth magnets.”
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