RARE EARTH FREE PERMANENT MAGNET - DA Technology Co., Ltd and Korecen Co., Ltd jointly completes prototype production of 'Mn-Bi based permanent magnet'

SEOUL, South Korea, July 11, 2023 /PRNewswire/ -- DA Technology and Korecen succeeded in producing a prototype of 'Manganese-bismuth (Mn-Bi) magnet', which is attracting attention as an opponent of rare earth magnets, and took a step closer to commercialization of non-rare earth permanent magnets.

Both companies announced on the 26th of June that they had succeeded in producing an initial prototype of the Mn-Bi magnet. This prototype's sample's performance is close to its theoretical maximum, officials said.

Korecen plans to begin performance verification and improvement work after a full-fledged pilot test (preliminary test).

In addition, based on the prototype, it plans to promote partnering meetings with related companies. The company explains that it has been discussing collaboration with global electric vehicle companies and battery manufacturers as well as home appliance companies in advance.

An official from DA Technology said, "We believe that permanent magnet materials are not limited to rare earth elements or electric vehicles, but are an important element indispensable to the 4th industrial revolution, such as robots and energy, and are strengthening our competitiveness as a future food business. As much as possible, we will create meaningful results by promoting commercialization of Mn-Bi based magnets, such as patent and technology transfer and production facility construction."

Based on the pilot product, both companies are accelerating performance supplementation with the goal of mass production in 2025, and this will be the world's first Mn-Bi based permanent magnet mass production facility.

About DA Technology

DA Technology is a Korean KOSDAQ listed public company based on the secondary battery equipment business. (http://www.dat21.co.kr/en/)

About Korecen

Korecen, established in 2002, is a Korea company that has a finger vein biometric system that identifies individuals through the unique pattern of the veins inside the fingers.

Korecen has its own unique algorithm technology and is doing business in the defense and finance field. They are currently developing a 3rd and 4th generation ultra-thin module type finger vein algorithm.

(https://www.korecen.com/new/main/main.php)

SOURCE Korecen