NIRON MAGNETICS SECURES INVESTMENT FROM HONDA MOTOR CO., LTD.

Investment builds on high expectations for innovative, next-generation rare-earth-free magnetic materials

MINNEAPOLIS, TOKYO and MOUNTAIN VIEW, Calif., Sept. 9, 2026 /PRNewswire/ -- Niron Magnetics, the company commercializing the world's first rare-earth-free Iron Nitride permanent magnets, today announced an investment from Honda Motor Co., Ltd. ("Honda").

Honda invests in innovative companies through its global open innovation program, Honda Xcelerator Ventures. The investment builds on high expectations for innovative, next-generation rare-earth-free magnetic materials from Honda and will support continued commercialization of Niron's rare-earth-free permanent magnet technology, as well as help scale the company's manufacturing operations.

Rare-earth-free permanent magnets offer a compelling alternative to conventional materials by reducing reliance on constrained global supply chains while supporting performance, cost stability and sustainability goals across electrified systems. Niron's Iron Nitride magnet technology is applicable across a wide range of applications, including automotive, robotics, industrial automation, emerging mobility platforms, AI and data center infrastructure and consumer electronics.

"This investment reflects the increasing focus on rare-earth-free magnet technology as manufacturers look for more resilient solutions," said Jonathan Rowntree, CEO of Niron Magnetics. "Following investment from Honda, we are encouraged by their confidence in our technology and vision for scaling rare-earth-free permanent magnets across a broad range of applications. The investment adds to growing industry momentum as manufacturers increasingly direct resources to alternatives to rare-earth-based magnets."

"Niron Magnetics has an innovative permanent magnet technology that does not require rare earth materials. Most electric propulsion motors today use permanent magnets made from rare earth metals, which are subject to resource constraints and fluctuations in market conditions. Niron Magnetics is addressing these challenges, and Honda has high hopes for its potential," said Mahito Shikama, Director, Executive Officer of Honda Motor Co., Ltd.

The investment further supports Niron's establishment of Iron Nitride as a new category of permanent magnetic material and expanding its adoption across a growing range of products and applications.

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, and consumer electronics. 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 Honda Motor Co., Ltd.

Established in 1948, Honda is a global mobility company with its head office in Tokyo. To realize a sustainable and safe society, Honda seeks to achieve zero environmental impact and zero traffic collision fatalities involving Honda motorcycles and automobiles by 2050. Towards achieving these goals, Honda will continue to discover, collaborate with, and invest in innovative startups through Honda Xcelerator Ventures*, our global program for open innovation.

*Honda Xcelerator Ventures is Honda's global open innovation program designed to facilitate collaboration between startups and Honda. This global program is led by Honda Innovations Co., Ltd., a subsidiary of Honda Motor Co., Ltd. xcelerator.hondainnovations.com

SOURCE Niron Magnetics, Inc.