Shakopee Mdewakanton Sioux Community announces additional investment in Minnesota-based clean energy company Niron Magnetics
Prior Lake, Minn. – The Shakopee Mdewakanton Sioux Community today announced that it has made an additional $5 million investment in Minnesota-based Niron Magnetics. The company is the developer of the world’s first high-performance, rare earth-free permanent magnets, named one of the best inventions of 2023 by TIME Magazine. In 2016, the tribe was among the first investors in the new technology developed at the University of Minnesota.
The tribe’s investment is part of $33 million in additional funding in Niron being announced today. Other investors include leading automotive manufacturers, GM Ventures and Stellantis Ventures, and the University of Minnesota.
The new financing will allow Niron to expand its current pilot production facilities located in Minneapolis and scale its manufacturing capacity. The company doubled its employees from 30 to 60 in the past year and plans to double again in 2024.
“We were first introduced to Niron in 2016 through the University of Minnesota where this innovative technology was being developed,” said SMSC Chairman Keith Anderson. “We liked that the company’s mission aligned with our tribe’s values to be good stewards of the environment and to be a good neighbor by supporting Minnesota innovation and economic growth.”
Investment in the development of the technology paid off. Today, Niron Magnetics has created the first powerful permanent magnet made from abundant and sustainable materials. The company has grown from a team of four working on borrowed University of Minnesota equipment to a team of over 60 working in a state-of-the-art magnetics facility. This latest fundraising round represents a new stage for Niron Magnetics as it shifts its needs from research and development to commercialization and scaling.
“Having the support and backing of the SMSC from the beginning has been so important to Niron Magnetics and the development of this new technology,” said Niron Magnetics CEO Jonathan Rowntree. “We are grateful for the tribe’s ongoing support of what we believe will be transformational to clean energy.”
About the Shakopee Mdewakanton Sioux Community
The Shakopee Mdewakanton Sioux Community 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 the largest contributor to other tribal governments and causes across the country. It is a strong 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.
About Niron Magnetics
Niron Magnetics is scaling the world’s first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. Niron’s proprietary Clean Earth Magnet® technology based on Iron Nitride enables magnets that possess inherently high magnetization, are free of rare-earth and other critical materials, and will enable a revolution in the design of new electric motors and generators. For more information on Niron Magnetics and its technology, please visit https://www.nironmagnetics.com/.
Learn More About the SMSC
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