Noveon Secures $215M to Expand US Magnet Production

Noveon Magnetics closed a $215 million Series C round led by One Investment Management, which contributed $200 million and will add two board members.
The financing will expand Noveon's domestic production of sintered NdFeB rare-earth permanent magnets, accelerating capacity beyond 2,000 tons per year and enabling secondary share sales by existing investors.
Noveon, the first company to reshore full-scale sintered magnet manufacturing to the United States, uses proprietary EcoFlux processing to deliver vertically integrated, closed-loop production that incorporates recycled materials and improves resource efficiency.
The company said increased capacity targets demand from automotive, defense, AI, energy and advanced manufacturing markets that require high-performance magnetic materials.
Recent commercial milestones include multi-year supply agreements with General Motors and ABB, partnerships with Lynas and Solvay to secure light and heavy rare-earth feedstocks, and a closed-loop recycling initiative with LG Electronics and Kangwon Energy. Goldman Sachs served as exclusive financial advisor.
One Investment Management praised Noveon's technical and operational capabilities and plans to support scaling U.S. magnet supply chains as geopolitical and industrial priorities drive reshoring.