GM and Stellantis invest in Niron Magnetics to develop rare-earth-free EV components
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 offered a first look at the hot hatch earlier this week after unveiling the Concept Three, its first compact EV under the IONIQ family. The new EV, set to arrive as the IONIQ 3, already has a sporty, hot hatch look, but that could be just the start.
Hyundai has a new EV hot hatch in the making
The Concept Three took the spotlight at IAA Mobility in Munich with a daring new look from Hyundai. Based on its new “Art of Steel” design, the concept is a stark contrast to the Hyundai vehicles on the road today.
Hyundai took the “Aero Hatch” design to the next level, deeming it “a new typology that reimagines the compact EV silhouette.” And that it does.
When it arrives in production form in mid-2026, it’s expected to take the IONIQ 3 name as a smaller, more affordable sibling to the IONIQ 5.
Hyundai is set to unveil the electric hatchback next spring with an official launch planned in Europe in September 2026. According to Hyundai’s European boss, Xavier Martinet, the IONIQ 3 could make for the perfect EV hot hatch.
Martinet hinted that the IONIQ 3 could receive the “N” treatment, telling Auto Express that “The concept is quite sporty, and obviously you have heritage with N brand.” Hyundai’s European boss added that “it’s a fair topic to consider.”
Although it doesn’t sound too convincing, Hyundai’s head of design, Simon Loasby, called it “an opportunity.” Loasby was quick to add, “We’re not calling it N, it’s not approved yet.”
“But I think everyone in the company is realising what Europe needs, and that’s compact hot hatches, so it’s a topic for discussion,” Hyundai’s design boss added.
The Concept Three is 4,287 mm long, 1,940 mm wide, and 1,428 mm tall, with a wheelbase of 2,722 mm, or about the size of the Kia EV3 and Volkswagen ID.3. Both of which are set for hot hatch variants.
If the IONIQ 3 N does come to life, it will be the third Hyundai EV to receive the high-performance upgrade, following the IONIQ 5 N and IONIQ 6 N.
The IONIQ 5 N “was just the first lap,” according to Joon Park, vice president of Hyundai’s N Brand Management Group. He told Auto Express that Hyundai is “at the starting line” and plans to apply what it learned from its first EV hot hatch to upcoming models.
If you’re looking for an affordable electric hot hatch, Hyundai already offers one. After Hyundai cut lease prices last month, the IONIQ 5 N is now listed at just $549 per month. That’s $150 less per month than in July.
Want to test one out for yourself? You can use our link to find 2025 Hyundai IONIQ 5 models in your area (trusted affiliate link).
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The global wind industry is going to hit some unprecedented growth milestones, according to Wood Mackenzie’s Global Wind Power Market Outlook for Q3 2025. The world is on track to add its second terawatt of wind capacity by 2030. To put that in perspective, it took 23 years to install the first terawatt, which was reached in 2023. The second will come in just seven.
Wind is also set for a record-breaking year in 2025. Global additions are expected to reach 170 gigawatts (GW), with more than 70 GW coming online in the last quarter of the year alone. That means Q4 could add more capacity than the total installed in any full year before 2020.
This forecast represents a 13% jump from the previous quarter, primarily driven by explosive onshore growth in China. Global wind capacity is expected to double from 2024 levels by 2032. Outside of China, the industry is also expanding, though on a slower path. Excluding China, the world will reach 1 terawatt in 2031 and double 2024 capacity by 2034.
However, policy uncertainty and the Trump administration’s hostility toward the wind industry, particularly offshore wind, are negatively impacting the US market. Trump’s big bill act (OBBBA), passed in July 2025, ends tax credits after 2027. That’s sparked a rush of projects in the short term, but it drags down the long-term outlook. For the first time, the US has fallen behind India and Germany in forecasted 10-year additions.
“China’s dominance in the wind industry is becoming more pronounced,” said Sasha Bond-Smith, research analyst at Wood Mackenzie. “While other established markets struggle with policy uncertainty and economic headwinds, we’re witnessing an unequalled concentration of growth in China that’s reshaping the industry landscape.”
China’s onshore forecast jumped this quarter thanks to rising electricity demand from data centers and electrification. Wind is proving more profitable than solar in liberalized power markets, but China’s offshore wind sector is facing challenges. Sea-use conflicts are slowing or even halting projects already under construction.
Despite those hurdles, Wood Mackenzie now projects that wind could match solar’s power output in China over the forecast period. That would cement wind’s central role in helping the country meet climate goals while keeping up with surging power demand.
Elsewhere, onshore wind remains steady across Europe, Asia Pacific, and emerging markets, with tender results and pipelines supporting progress. Offshore wind is struggling, though. High costs and failed tenders are creating setbacks in Europe and delays in emerging markets. Policymakers are under pressure to rethink contract structures to keep projects moving.
“The wind industry’s most significant transformation in decades continues to unfold,” said Kárys Prado, senior research analyst at Wood Mackenzie. “While achieving historic scale, success will depend on how effectively the industry navigates this new geography of growth and adapts to evolving policy landscapes.”
Read more: FERC: Solar + wind made up 91% of new US power generating capacity in H1 2025
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Tesla unveiling its new Megablock product, bunch of new EVs at IAA, the debacle at Hyundai’s plant, and more
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