Latest news with #NoveonMagnetics
Yahoo
2 days ago
- Automotive
- Yahoo
GM inks domestic rare earth magnet supply deal with Noveon Magnetics
This story was originally published on Automotive Dive. To receive daily news and insights, subscribe to our free daily Automotive Dive newsletter. Dive Brief: General Motors has signed a multi-year supply agreement with Texas-based Noveon Magnetics for neodymium magnets (NdFeB magnets) for its full-size trucks and SUVs, according to an Aug. 6 press release. The deal provides GM with a steady supply of rare earth magnets, while also helping to establish a more resilient domestic supply chain and lessen the reliance on imported critical materials. "We're proud to be delivering critical rare earth magnets in support of some of America's most iconic vehicles," said Scott Dunn, CEO of Noveon Magnetics, in the release. "This agreement is a testament to what American manufacturers like GM and Noveon can do to develop supply chains and partnerships right here in the U.S." Dive Insight: Noveon Magnetics has already started production of magnets for GM. The first deliveries began last month. NdFeB magnets, which are primarily composed of neodymium, iron and boron, are considered the strongest type of permanent magnet commercially available. They are used in a wide variety of automotive and industrial applications. The company is supplying GM with sintered magnets, a manufacturing process that results a very strong magnetic field. Once the alloys are ground into a powder, the material is pressed into a mold under high pressure. The sintering process heats the pressed blocks of alloy to temperatures of roughly 1,100°C, which fuses the particles together, forming a dense, solid magnet, according to Noveon. Noveon is currently the only active manufacturer of sintered NdFeB rare earth magnets in the U.S., according to the release. The company intends to scale production as demand for these magnets accelerates across the automotive, energy and industrial sectors. Although NdFeB magnets are used in both electric and internal combustion engine vehicles, they are a key component for the electric motors of EVs and hybrid vehicles. They are also used in regenerative braking systems, electric power steering systems and other EV powertrain components. For ICE vehicles, NdFeB magnets are used for 12-volt electric motors and actuators, such as wiper motors, power door locks, alternators, fan motors and engine control sensors. "Working with domestic manufacturers like Noveon allows us to increase the resiliency of our supply chain while supporting American jobs and strengthening our industry and economic security," said Jeff Morrison, GM global chief procurement officer, in the release. "Noveon's magnets will support our most popular vehicles and help continue to deliver a leading portfolio of choice for our customers." Outside of GM's new supply agreement with Noveon Magnetics, the automaker's venture capital arm participated in a $33 million funding round of Minnesota-based Niron Magnetics in November 2023. Niron is a producer of rare earth-free iron nitride magnets made with inexpensive and abundant iron and nitrogen. These magnets cost around 50% less to produce than rare earth magnets, which in the future could help make EVs more affordable. Recommended Reading GM, Stellantis VC arms invest in rare earth-free magnet company Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
6 days ago
- Automotive
- Yahoo
Trump Admin Supporting Mine-to-Magnet Supply Chain for Rare Earths
General Motors Co. has signed a deal with Texas-based Noveon Magnetics Inc. to secure rare-earth magnets for its full-size pickup trucks and SUVs, marking the third domestic supply contract the automaker has signed related to the critical trade dominated by China. The latest agreement and two others with Las Vegas-based MP Materials Corp. and E-Vac Magnetics, a South Carolina-based unit of Germany's Vacuumschmelze GmbH will allow GM to get the majority of rare-earth magnets it sources directly from domestic suppliers, the Detroit carmaker said Wednesday. Dr Gracelin Baskaran, Director, Critical Minerals Security Program at the Center for Strategic and International Studies, says the United States is giving all the right signals. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
07-08-2025
- Automotive
- Bloomberg
Trump Admin Supporting Mine-to-Magnet Supply Chain for Rare Earths
General Motors Co. has signed a deal with Texas-based Noveon Magnetics Inc. to secure rare-earth magnets for its full-size pickup trucks and SUVs, marking the third domestic supply contract the automaker has signed related to the critical trade dominated by China. The latest agreement and two others — with Las Vegas-based MP Materials Corp. and E-Vac Magnetics, a South Carolina-based unit of Germany's Vacuumschmelze GmbH — will allow GM to get the majority of rare-earth magnets it sources directly from domestic suppliers, the Detroit carmaker said Wednesday. Dr Gracelin Baskaran, Director, Critical Minerals Security Program at the Center for Strategic and International Studies, says the United States is giving all the right signals. (Source: Bloomberg)
Bloomberg
06-08-2025
- Automotive
- Bloomberg
GM Signs Domestic Rare-Earth Deal to Reduce Reliance on China
General Motors Co. has signed a deal with Texas-based Noveon Magnetics Inc. to secure rare-earth magnets for its full-size pickup trucks and SUVs, marking the third domestic supply contract the automaker has signed related to the critical trade dominated by China. The latest agreement and two others — with Las Vegas-based MP Materials Corp. and E-Vac Magnetics, a South Carolina-based unit of Germany's Vacuumschmelze GmbH — will allow GM to get the majority of rare-earth magnets it sources directly from domestic suppliers, the Detroit carmaker said Wednesday. But many of the parts it buys still rely on Chinese-made magnets.
Reuters
06-06-2025
- Business
- Reuters
Australia's ASM sees jump in rare earths enquiries amid supply shortage
June 6 (Reuters) - Australian Strategic Materials ( opens new tab said on Friday there has been increased interest from customers for rare earth metals and alloys from its critical metals facility in South Korea, following China's export controls on rare earth materials. The critical metals producer's Korean Metals Plant is one of the few facilities outside of China with the capability to commercially produce rare earth metals and alloys. Shares of the company rose as much as 29.1% to A$0.655 to hit a more than 3-week high in early trade before paring some gains. The broader benchmark index edged 0.1% lower. ASM has concluded purchase orders from U.S.-based Noveon Magnetics and Vacuumschmelze, owned by private equity firm ARA partners, for the supply of rare earth alloys, it said in a statement. The company is progressing discussions with parties for further sales of a range of rare earth metals amid ongoing talks around future supply with USA Rare Earths, after providing rare earth samples to the firm. It also completed delivery of 19-metric-ton rare earth metal sale to Magnequench, a division of Canada-based Neo Performance Materials ( opens new tab. China, which accounts for about 90% of global rare-earth production, imposed export restrictions in April on the strategic minerals in response to tariffs introduced by U.S. President Donald Trump. With increased disruptions to the rare earth supply due to China's export restrictions, the company is positioned to provide alternative supply to the rest of the world, it said.
