NOVEON MAGNETICS

For being a rarity in rare earth magnet manufacturing

Magnets, specifically rare earth magnets—made with alloys of elements like neodymium—are in products from wind turbines and electric cars, making them an essential part of low- and no-emission power. However, the efforts required to mine rare earth elements have their own set of ecological costs. Noveon Magnetics’ EcoFlux magnet, which launched in 2022 after roughly a decade of research and development, can be made using rare earth materials salvaged from discarded or “end-of-life” motors, medical devices, and data storage units, among other electronics. Noveon uses rare earth materials in a powder metallurgical process to produce sintered rare earth magnets with high magnetic flux, resistance, and thermal stability. After the EcoFlux’s debut, Noveon is now scaling operations at its new, 150,000-square-foot facility in San Marcos, Texas, to meet the demand of its pipeline of orders, which currently includes more than 100 customers and 1,000 magnet specifications across the aerospace and defense, industrial, automotive, and energy industries. As it scales, Noveon is also working to cultivate a domestic supply chain: Through a contract with transportation company Bird, it has been able to extract 15 tons of magnetic materials from disassembled scooters. Such partnerships offer a way for Noveon to source materials for magnets while generating revenue for the disposal services. Since 2020, the Department of Defense has invested more than $35 million in Noveon to support commercialization of the EcoFlux magnet, and in 2022, the company grew from 45 employees to 65, with plans to hire an additional 100 employees by the end of the year.