GM Ventures and Stellantis Ventures have joined a growing list of investors that have recently raised $33 million in additional funding for Niron Magnetics – a company developing proprietary Clean Earth Magnets based on Iron Nitride that function without rare earths or other critical materials used in today’s EVs.
Niron Magnetics is a technology company spun out from a program at the University of Minnesota that looks to eliminate environmentally destructive rare earth mining by replacing those precious materials with cleaner alternatives.
The company’s intellectual property currently consists of 30 granted patents and another 20 pending, but its current star (especially in the world of EVs) is Niron’s proprietary Clean Earth Magnet technology, which utilizes Iron Nitride to create magnets that retain high magnetization, but are free of rare earths materials.
Last month, the technology was named as one of TIME’s Best Inventions of 2023 – an admirable achievement following a decade of development. With pilot production facilities already in place in Minnesota, Niron believes its rare-earth-free technology can enable a revolution in the design of future EV motors, drivetrains, and other adjacent technologies.
Venture arms of two major OEMs – GM and Stellantis – have taken note of Niron Magnetics’ progress and have opened their checkbooks to support the company in reaching scale, hopefully limiting supply chains while helping promote more sustainable EV technology.
Niron to expand EV magnet production without rare earths
According to a release from the Clean Earth Magnet manufacturer this morning, it has garnered an additional $33 million in funding. In addition to initial funding from GM and Stellantis, previous investors Shakopee Mdewakanton Sioux Community (SMSC) and the University of Minnesota (UMN) also participated in the round.
On a call with GM and Niron yesterday, there was mention of some exclusivity to the American automaker following its fresh investment (although it would not say how much it invested). Since no company is sharing financial details, we cannot say if Niron will prioritize shipping its rare-earth-free EV magnets to either OEM, but both are likely high on that list. A third on that list is the Volvo Cars Tech Fund, which previously invested in Niron Magnetics, securing three major automotive OEMs in the magnet developer’s current rolodex.
GM actually invented permanent magnets using rare earth materials decades ago – technology that has since been adapted into the drivetrains of most EVs today. By investing in Niron however, GM looks to turn the page on that technology and help expedite the implementation of cleaner, and more sustainable options. Per GM Ventures president Anirvan Coomer:
Nearly 40 years ago, GM’s R&D team discovered and commercialized the world’s first high-powered, rare-earth permanent magnet material. GM Ventures’ investment in Niron’s Magnetics brings our rich history in specialized magnet innovation full circle. Niron’s Clean Earth Magnet could help GM make more affordable EVs for its customers out of more abundant materials.
With fresh funding in place, Niron Magnetics feels empowered to increase pilot production to support bolstered customer prototyping program,s followed by small scale product runs. This technology is still at least a few years away from being seen implemented on GM, Stellantis, or Volvo EVs on roads, but the rare-earth-free technology appears closer than ever with the support of two more major OEMs.
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Hyundai is about to launch a new electric SUV in China. With its big debut coming up, Hyundai just dropped a sneak peek, and it looks like it could be the IONIQ 4. Check it out for yourself in the video below.
Is Hyundai teasing the IONIQ 4?
We caught our first glimpse of the new EV model last month after Beijing Hyundai released a few official “spy” photos.
Despite the camouflage, you can see a few design elements, like a light bar across the front, slim LED headlights, and a closed-off grille. At first, it almost looks like a smaller version of the IONIQ 9, Hyundai’s first three-row electric SUV, but with a much sportier, shaped profile.
Beijing Hyundai released a new teaser for the upcoming electric SUV this week. The video shows “a wave of high-end operations” as the vehicle dances across the snow.
The video highlights features like real-time torque control, high-speed cornering, and the SUV’s impressive body control while driving around cones.
Hyundai’s new electric SUV is being called “OE” internally, according to The Korean Car Blog, suggesting it could be an IONIQ model.
All other Hyundai IONIQ EV models were also codenamed with an “E” internally, which is raising speculation that this could be the IONIQ 4.
Like most global OEMs, Hyundai is fighting to compete in an intense Chinese EV market, which is dominated by domestic automakers like BYD.
Hyundai opened its first overseas R&D center last year in China to spearhead its comeback. It will work with local suppliers and tech companies to develop EVs designed for Chinese buyers. The new electric SUV is expected to launch in China later this year, followed by three new energy vehicles, including EVs and EREVs.
Beijing Hyundai will release more information on April 16, with the electric SUV set to “challenge the limit of driving performance.”
What do you think of Hyundai’s new electric SUV? Is this the IONIQ 4? Let us know your thoughts in the comments.
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Charge point provider char.gy has secured a £130 million contract to install 6,000 curbside EV chargers for Brighton and Hove City Council (BHCC) – the UK’s largest installation of its kind.
London-based char.gy has also been awarded a 15-year contract to operate and maintain the charging network.
Installing Level 2 chargers curbside, where most drivers in the UK park, will enable more people to take advantage of cheaper charging rates while juicing up their EVs overnight. (charg.gy’s pay as you go night tariff, between midnight and 7 am, is £0.39/kWh, compared to its £0.59/kWh day tariff.)
John Lewis, chief executive of char.gy, said the project is “a huge moment for the UK and its EV ambitions. This partnership alone will empower thousands of residents to confidently make the switch to electric vehicles, knowing they have easy access to chargers.”
Brighton and Hove City Council is among the first to tap into the government’s Local EV Infrastructure (LEVI) Fund, designed to help English local authorities roll out charging solutions for residents without off-street parking. Future of Roads Minister Lilian Greenwood said making EV charging as accessible as possible is “crucial to making the switch to electric a success.”
The UK now has over 75,000 public EV chargers, according to the Department for Transport—and it looks like the country’s on pace to hit its 2030 target. Back in December, the National Audit Office said the rollout is “on track” to meet the DfT’s estimate that at least 300,000 chargers will be needed by the end of the decade.
Read more: Meet the UK’s largest solar + storage EV charging ‘Superhub’
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