Noveon Magnetics manufactures sintered NdFeB rare-earth permanent magnets entirely in the United States and is currently the only domestic producer operating at scale. Its proprietary EcoFlux™ technology enables a closed-loop process that maximizes resource efficiency and incorporates recycled materials while delivering high-performance magnets for electric vehicles, wind turbines, robotics, consumer electronics, defense systems, and other applications. The company has recently inked multi-year supply agreements with General Motors and ABB, partnered with Lynas and Solvay to bolster raw-material security, and launched a magnet-recycling initiative with LG Electronics and Kangwon Energy. Backed by the new Series C financing, Noveon plans to expand its annual manufacturing capacity beyond 2,000 tons to meet accelerating demand across automotive, defense, AI, and advanced-manufacturing sectors. The firm positions itself as a critical link in reshoring rare-earth supply chains and enhancing U.S. supply-chain resiliency. Its growth strategy includes scaling production, deepening strategic partnerships, and strengthening closed-loop recycling capabilities. The $215 million capital infusion provides substantial resources for these initiatives and enables secondary liquidity for early shareholders.

Total raised

$315M

Funding rounds

3

Latest round

Series C

Latest activity

Jan 2026