Silmet's Parent Company Receives Support From the European Union for the Production of Permanent Magnets in Estonia
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4 Articles
The European Commission is providing funding to the Silmet factory's parent company, Neo PerformanceMaterials, to build a permanent magnet production line in Estonia. The amount of the grant is not yet known.
The European Commission has selected Canadian company Neo Performance Materials to receive up to €126 million in funding from the European Union's Innovation Fund. The company estimates the total project cost to be around €400 million.
Permanent magnets from rare earths are stuck in the drives of electric cars and in wind turbines, and Europe wants The post Estonia to make Europe's electric cars more independent from China first appeared on Nordic.info.
The European Union is providing support for Silmet's magnet production. Rare earth metal processor Neo Performance Materials' magnet production in Estonia has been included in the European Commission's Innovation Fund support list, but the amount of support is unknown. Industry, European Union, NPM NARVA OÜ, NPM SILMET OÜ.
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