Wed, November 8, 2023
- Latest collaboration builds on GM’s goal to establish a more secure, sustainable, North American-focused EV supply chain
GM is deeply committed to an all-electric future, and to make that future a reality, we’re focused on developing a broad portfolio of affordable and sustainable electric vehicles. EV motors are a key element of our Ultium Platform — their magnets present a great opportunity to reduce cost and environmental impact compared to traditional magnet materials, while localizing our EV supply chain in North America.
The permanent magnets in EV motor rotors are typically made from rare earth minerals like terbium, dysprosium, praseodymium and neodymium, which are expensive and currently processed almost entirely overseas.
Niron Magnetics of Minneapolis has developed the world’s first and only permanent magnet with automotive-grade power that is entirely free from critical materials, including rare or heavy rare earth minerals. Niron’s proprietary Clean Earth Magnet® technology is based on iron nitride, an abundant and affordable material with great potential for commercial use in future EVs.
“We believe Niron’s unique technology can play a key role in reducing rare earth minerals from EV motors and help us further scale our North American-based supply chain for EVs,” said Anirvan Coomer, president of GM Ventures. “Our path to an all-electric future will be enabled not only by our own research and development efforts, but also by investing in next generation technology from startups and established companies outside our four walls.”
GM and Niron have completed a strategic partnership agreement to co-develop Clean Earth Magnet motor technology that can be used in future GM EVs. GM Ventures has also made an investment in Niron, which will join the ranks of its 30-plus portfolio companies. The investment will support the scaling of Niron’s manufacturing and commercialization of their sustainable magnets.
“GM invented rare earth permanent magnets nearly 40 years ago, and now we’re working together to bring the next generation of automotive magnet technology to market,” said Jonathan Rowntree, CEO of Niron Magnetics. “We think that our Clean Earth Magnets can help GM in its goal to put everyone in an EV.”
General Motors (NYSE:GM) is a global company focused on advancing an all-electric future that is inclusive and accessible to all. At the heart of this strategy is the Ultium battery platform, which powers everything from mass-market to high-performance vehicles. General Motors, its subsidiaries and its joint venture entities sell vehicles under the Chevrolet, Buick, GMC, Cadillac, Baojun and Wuling brands. More information on the company and its subsidiaries, including OnStar, a global leader in safety services and connected vehicle technology, can be found at https://www.gm.com.
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CONTACTS:
Phil Lienert
GM Communications
(313) 530-1508
Natalee Runyan
GM Communications
(303) 923-0469
Kalyn Kolek
Niron Magnetics
Brandon Reid
Niron Magnetics
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