NOVEON MAGNETICS, KANGWON ENERGY, AND LG ELECTRONICS LAUNCH CLOSED-LOOP RARE EARTH MAGNET RECYCLING INITIATIVE

Companies to Collaborate Using Noveon's M2M™ Technology on End of Life LG Products to Produce Recycled High-Performance Magnets

SAN MARCOS, Texas, Jan. 6, 2026 /PRNewswire/ -- Noveon Magnetics, Kangwon Energy Co., Ltd., and LG Electronics Co., Ltd. today announced a strategic agreement to advance closed-loop recycling of rare earth permanent magnets, leveraging Noveon's proprietary Magnet-to-Magnet (M2M™) technology. As part of the program's initial phase, the companies will utilize Noveon's technology on end-of-life (EOL) magnets recovered from LG Electronics products to produce new, high-performance magnets for LG products.

"This initiative is a major step toward building a more secure and sustainable rare earth supply chain," said Scott Dunn, CEO of Noveon Magnetics. "By partnering with Kangwon Energy to scale our proprietary M2M™ technology and collaborating with LG Electronics, including its eco-friendly rare earth permanent magnet recycling technology, on joint development and validation efforts, we aim to demonstrate the environmental and performance benefits of closed loop rare earth magnet recycling.

The program will expand with additional production capacity at a new facility in South Korea that is currently under development through Noveon's joint venture with Kangwon Energy. Collaborating with LG Electronics on technology development and using their products for validation ensures real-world performance data, supporting future adoption across multiple industries.

"At LG Electronics, we design products with their full lifecycle in mind," said Pilhyun Yoon, Vice President of LG Electronics Home Appliance Solution Company. "This collaboration allows us to validate recycled rare earth magnets directly within our products and manufacturing processes, proving that circular materials can meet the same performance and quality standards consumers expect. Partnerships like this are critical to turning sustainability into an operational reality."

By reclaiming rare earth elements already in circulation, the initiative reduces reliance on traditional mining and mitigates exposure to volatile supply chains — particularly those dominated by China, which currently controls over 90% of global magnet production. This closed-loop approach strengthens supply chain resilience, enhances material security, and supports a circular economy model for next-generation technologies.

Magnets produced through the M2M™ process during the validation phase will be tested in LG Electronics applications, from household appliances to consumer electronics, confirming their strength, quality, and sustainability.

About Noveon Magnetics
Noveon Magnetics, the first 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. 

About LG Electronics Co., Ltd.
The LG Home Appliance Solution Company (HS) is a global leader in home appliances and AI home solutions. By leveraging industry-leading core technologies, the HS Company is committed to enhancing consumers' quality of life and promoting sustainability. The company develops thoughtfully designed kitchen and living appliance solutions and has recently integrated LG's Robot Business Division to incorporate advanced robot technologies into its home solutions. Together, these products offer enhanced convenience, exceptional performance, efficient operation and sustainable lifestyle solutions. For more news on LG, visit www.LGnewsroom.com.

SOURCE Noveon Magnetics