Sartell, Minn. – September 15, 2026 -- Niron Magnetics marked a construction milestone at its 287,000-square-foot Sartell, Minnesota facility with a steel-raising ceremony, alongside a new investment from Honda Motor Co. through its Honda Xcelerator Ventures program. The financial terms of Honda's investment were not disclosed.
Sartell plant will produce 1,500 tons of rare-earth-free magnets annually by 2027
CEO Jonathan Rowntree joined Sartell Mayor Ryan Fitzthum, Mark Ford of Ryan Companies and John Shaw of Wood to raise a ceremonial steel column at the plant, which is slated to become operational in 2027. At full capacity, the facility will manufacture up to 1,500 tons of permanent magnets per year and employ 175 full-time workers, representing the first commercial-scale phase of Niron's manufacturing platform.
Honda backs Iron Nitride technology as domestic supply chain alternative
Honda's investment supports commercialization of Niron's Iron Nitride permanent magnet technology and is intended to help scale manufacturing operations. Rowntree said the Sartell plant is the first facility of its kind globally, calling it a step toward a U.S. permanent magnet supply chain independent of rare earth materials.
Niron holds $300 million in loan commitments from federal and tribal partners
In August, Niron secured loan commitments of $150 million each from the Department of War's Office of Strategic Capital and the Shakopee Mdewakanton Sioux Community to advance the Sartell site, bringing combined committed capital for the project to $300 million ahead of the Honda announcement.
Company holds 154 issued patents as rare-earth-free magnets target AI and auto sectors
Niron's Iron Nitride magnets are positioned as a complement to federal and industry efforts to reshore rare earth supply chains, with the company arguing both approaches are needed to secure U.S. magnet supply. Niron currently holds 154 issued patents, with 44 additional patents pending, covering technology used in electric motors, AI infrastructure and consumer electronics applications.