Niron Magnetics manufactures magnets that substitute iron and nitrogen for rare earth elements. The company is building a plant in Sartell, Minnesota, and is looking for a location for a second plant. It received a $150 million loan from the Pentagon announced by the White House and President Trump as part of broader mining-related funding. The administration framed the investment as a move to reduce U.S. dependence on foreign-produced magnets. Coverage did not disclose revenue, users, or prior funding rounds. The company’s near-term plans center on expanding domestic manufacturing capacity through the Sartell facility and a prospective second plant.

Total raised

$257M

Funding rounds

7

Latest round

Debt Financing

Latest activity

Aug 2026