NIRON MAGNETICS RECEIVES $150 MILLION LOAN FROM THE SHAKOPEE MDEWAKANTON SIOUX COMMUNITY TO SUPPORT IRON NITRIDE MAGNET MANUFACTURING

MINNEAPOLIS, Aug. 18, 2026 /PRNewswire/ -- Niron Magnetics, the company commercializing the world's first rare-earth-free Iron Nitride permanent magnets, announced a $150 million loan from the Shakopee Mdewakanton Sioux Community (SMSC) to advance the construction of its Sartell, Minnesota, magnet manufacturing plant. 

Today's announced funding will support construction, equipment and operational readiness activities at Niron's Sartell plant, advancing domestic production of rare-earth-free permanent magnets.

SMSC's relationship with Niron began more than a decade ago following an introduction through the University of Minnesota's Research and Innovation Office and Technology Commercialization team. SMSC became one of Niron's earliest investors in 2016, helping the company advance Iron Nitride from promising university research towards a scalable manufacturing pathway. The Community later participated in Niron's 2023 financing syndicate, supporting the development of end-to-end manufacturing capabilities in Minneapolis and customer qualification programs across industries.

"The relationship with the SMSC is a core part of Niron's success to date. This financing helps accelerate construction of our Sartell manufacturing plant and brings us closer to establishing a domestic source of permanent magnets for critical industries," said Jonathan Rowntree, CEO of Niron Magnetics. "As demand for rare-earth-free permanent magnets continues to grow, investments like this support our efforts to build a resilient domestic supply chain and scale manufacturing to serve customers across critical industries."

"Niron Magnetics is building technology with the potential to strengthen domestic manufacturing while creating economic growth and opportunity here in Minnesota," said SMSC Chairman Cole Miller. "We prioritize investments that align with our Dakota values — including being a good steward of the earth. We recognized Niron's potential early on to benefit the broader Minnesota community and have remained committed to investing in its success."

The investment adds to a series of public and private commitments supporting Niron's efforts to establish large-scale domestic manufacturing of rare-earth-free permanent magnets. The financing is in addition to Niron's recently announced $150 million conditional commitment from the U.S. Department of War Office of Strategic Capital, further strengthening the capital foundation supporting construction and operational readiness at the Sartell plant.

The Sartell plant will serve as Niron Magnetics' first full-scale magnet manufacturing plant and is expected to begin production in 2027. It is set to create approximately 175 full-time, high-quality jobs and strengthen domestic supply chains supporting AI infrastructure, automotive, industrial and consumer applications. It also represents the first step in Niron's modular manufacturing platform. Final site selection is underway for a subsequent U.S. manufacturing plant capable of producing 10,000 tons of annual capacity that is expected to break ground in 2028.  

To learn more about Niron Magnetics and its technology, please visit nironmagnetics.com.

ABOUT NIRON MAGNETICS

Niron Magnetics is commercializing the world's first rare-earth-free Iron Nitride permanent magnets through a proprietary manufacturing platform designed to scale advanced materials innovation. The company's technology enables high-performance permanent magnets made without rare earths or other critical materials, supporting more resilient and domestic supply chains. Today, Niron's magnets power applications across artificial intelligence infrastructure, automotive, industrial, consumer electronics, clean energy and defense markets. As the company scales manufacturing, its broader materials platform is creating new opportunities to develop the next generation of materials that power motion.

To learn more about Niron's rare-earth-free magnet technology and its efforts to establish large-scale domestic manufacturing, visit nironmagnetics.com.

ABOUT THE SHAKOPEE MDEWAKANTON SIOUX COMMUNITY (SMSC)

The SMSC is a federally recognized, sovereign Dakota tribal government located southwest of Minneapolis/St. Paul. Following a Dakota tradition of generosity, the SMSC is one of the top philanthropists in Minnesota and is dedicated to helping build strong, healthy communities. The tribe is a committed community partner and a leader in protecting and restoring natural resources. The SMSC's government, Gaming Enterprise and various other enterprises are collectively the largest employer in Scott County and attract millions of visitors to the region. For more information, visit shakopeedakota.org.

SOURCE Niron Magnetics, Inc.