NOVEON MAGNETICS AND KANGWON ENERGY SIGN MOU TO BUILD 2,000-TON RARE EARTH MAGNET PRODUCTION FACILITY IN KOREA

SAN MARCOS, Texas and SEOUL, South Korea, Nov. 3, 2025 /PRNewswire/ -- Noveon Magnetics, the only operational manufacturer of sintered NdFeB rare earth magnets in the United States and the first to reshore them in over 20 years, today announced a signed Memorandum of Understanding (MOU) with Kangwon Energy Co., Ltd. to establish a 2,000-ton annual production capacity sintered NdFeB rare earth permanent magnet factory in South Korea. The joint venture marks a significant step forward in Noveon's global expansion strategy and will bolster regional supply chains for automotive, industrial, defense, electronics and energy systems.

"This partnership represents a major milestone in Noveon's mission to build a secure, diversified, and resilient rare earth magnet supply chain outside of China," said Scott Dunn, CEO of Noveon Magnetics. "By combining Noveon's advanced rare earth magnet manufacturing capabilities with Kangwon's market-leading process and plant-engineering expertise along with its strong customer connectivity across Korea's tier-1 manufacturing ecosystem, we're accelerating our global growth strategy and ensuring Korean industries – from automotive to industrials and beyond – have reliable access to these critical components."

Under the terms of the MOU, Noveon and Kangwon will jointly design, build, and operate the new sintered NdFeB magnet facility, leveraging Noveon's proprietary magnet production and recycling technologies and Kangwon's end-to-end Engineering, Procurement, and Construction (EPC) capabilities spanning powder handling, mixing, thermal treatment, environmental compliance, utilities integration, and factory automation – capabilities proven across Korea's secondary battery value chain. The partnership aims to localize production to meet the rapidly growing demand for non-Chinese rare earth permanent magnets in the Korean market and broader Asia-Pacific region while strengthening global supply chain resilience.

The MOU underscores the close trading, investment, and strategic relationship that exists between the United States and South Korea and will enable South Korea to diversify an industrial supply chain of critical importance to its economy.

"We are proud to partner with Noveon Magnetics to bring next-generation rare earth permanent magnet manufacturing to Korea," saidJinyong Shin, CEO of Kangwon Energy Co., Ltd. "Drawing on Kangwon's deep bench in secondary battery process equipment and plant EPC, we will de-risk and shorten the path from design to ramp, integrate best-in-class process controls and environmental systems, and support our customers' transition to reliable, diversified magnet supply. This joint venture will not only support our nation's industrial growth but also advance our shared vision of a resilient and sustainable global supply chain."

The planned facility is expected to begin production in 2027, supplying up to 2,000 tons of high-performance sintered NdFeB magnets annually. It will serve Korean automakers, renewable energy developers, defense contractors, and electronics manufacturers seeking reliable, diversified sources of critical magnet materials.

About Noveon Magnetics

Noveon Magnetics, the only operational manufacturer of sintered NdFeB rare earth magnets in the United States and the first to reshore them in over 20 years. Through its proprietary EcoFlux™ technology, Noveon delivers a fully domestic, closed-loop magnet manufacturing capability that maximizes resource efficiency, allows for the beneficial use of recycled materials, and produces superior high-performance finished magnets that meet the full range of commercial and industrial demand. Noveon's products provide a secure and resilient supply chain solution for critical applications including electric vehicles, wind turbines, robotics, motors, pumps, data storage, consumer electronics, and defense systems. Learn more at https://noveon.co/.

About Kangwon Energy Co., Ltd.

Kangwon Energy is a leading Korean engineering company specializing in industrial boilers, secondary battery process equipment, and energy-plant EPC. Building on proven capabilities in materials-process design (powders, slurries, thermal processes), solvent/gas systems, utilities integration, automation, and environmental compliance, Kangwon is expanding into rare earth magnet manufacturing and recycling through its joint venture with Noveon Magnetics, helping strengthen Korea's sustainable energy and advanced-materials industries.

SOURCE Noveon Magnetics