U.S company Noveon Magnetics raises $215 million to expand homegrown rare earth magnet supply ā $630 million spent in 2025 on American reshoring efforts to divest from Chinese reliance
ā” Quick Hits
- Noveon Magnetics secured $215 million in funding.
- The investment aims to expand U.S. operations for rare-earth magnet production.
- The move seeks to reduce American dependence on Chinese rare-earth mineral imports.
Noveon Magnetics Secures $215 Million to Expand U.S. Rare-Earth Magnet Production
Noveon Magnetics, a Texas-based company specializing in rare-earth magnets, has successfully raised $215 million from investors. This substantial investment will fuel the expansion of Noveon Magnetics' U.S. operations, with the goal of improving American access to these critical components.
Rare-earth magnets are essential for numerous technologies, including hard disk drives (HDDs), electric vehicles, and renewable energy systems. Currently, the United States relies heavily on foreign sources, particularly China, for these materials. Noveon Magnetics' expansion represents a significant step towards reshoring the rare-earth magnet supply chain and reducing dependence on international markets. This initiative is part of a larger $630 million effort in 2025 to bolster American reshoring and diversify away from Chinese reliance.
