US EditionNOVEON MAGNETICS COMPLETES $215 MILLION SERIES C TO EXPAND U.S. RARE EARTH MAGNET MANUFACTURING CAPACITY
Noveon secured $215 million to increase U.S. rare earth magnet production capacity beyond 2,000 tons annually, supporting automotive, defense, and AI sectors, officials said.
- A $215 million Series C financing was completed by Noveon Magnetics, Inc., led by a $200 million investment from OneIM, with details announced from San Marcos, Texas.
- To scale domestic production, Noveon Magnetics, Inc. will use the capital to grow U.S. rare earth magnet capacity amid rising demand across automotive, defense, AI, energy and advanced manufacturing.
- OneIM will appoint two new Series C board members, facilitating secondary sales by existing shareholders, while Goldman Sachs & Co. LLC served as exclusive financial advisor with $200 million committed from OneIM.
- Expanding capacity beyond 2,000 tons per year, Noveon Magnetics, Inc. will support commercial partners and capture growing demand with $215 million Series C funding.
- With recent milestones over the past year, Noveon secured multi-year supply deals with General Motors and ABB, partnered with Lynas and Solvay, and launched recycling with LG Electronics and Kangwon Energy.
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NOVEON MAGNETICS COMPLETES $215 MILLION SERIES C TO EXPAND U.S. RARE EARTH MAGNET MANUFACTURING CAPACITY
Financing Round Led by One Investment Management Supports Expansion of Domestic Rare Earth Magnet Production and Facilitates Secondary Share Sale
U.S company Noveon Magnetics raises $215 million to expand homegrown rare earth magnet supply — $630 million spent in 2025 on American reshoring efforts to divest from Chinese reliance
Texas-based rare-earth magnet company, Noveon Magnetics, has raised $215 million from investors to expand its U.S. operations in an effort to improve American access to magnets, a rare-earth mineral crucial to producing HDDs.
Texas Rare-Earth Magnet Maker Raises $215 Million
By Alexander Miller, consultant in energy markets. Eurasia Business News, January 19, 2025. Article n°1994 Texas-based rare-earth magnet maker Noveon Magnetics has raised $215 million in new funding to expand U.S. production of permanent magnets critical for EVs, wind turbines and defense systems. The deal underscores how private capital is piling into domestic rare-earth supply chains to reduce dependence on Chinese magnet imports. Noveon clos…
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