Summary
- Nidec Motor and Noveon Magnetics have signed a five-year agreement for the supply of rare earth magnets
- Deliveries of sintered neodymium iron boron magnets are set to begin in 2025
- Noveon’s EcoFlux magnets use recycled materials and support various applications such as electric vehicles and wind turbines
- The partnership aims to strengthen America’s industrial base and address geopolitical challenges
- This agreement advances a domestic solution to meet demand for high-performance materials across critical sectors
Article
Nidec Motor, a US-based manufacturer of commercial, industrial, and appliance motors and controls, has signed a five-year, binding offtake agreement with Noveon Magnetics to potentially supply over 1,000 tons of finished sintered neodymium iron boron (NdFeB) rare earth magnets. These deliveries are set to begin in 2025 and will support Nidec’s operations in various industries, including automation, industrial, and defense applications. The agreement aims to strengthen America’s industrial base and ensure the availability of advanced rare earth magnet technology for critical sectors.
Noveon’s EcoFlux magnets utilize recycled materials and offer a secure supply chain solution for a variety of applications such as electric vehicles, wind turbines, robots, motors, pumps, and military systems. These magnets play a crucial role in energy efficiency, electrification, and national security. By partnering with Nidec, Noveon is working towards providing a domestic solution to meet the increasing demand for high-performance materials in key industries like industrial, automation, robotics, automotive, energy, and defense.
According to Scott Dunn, CEO of Noveon Magnetics, the agreement represents a significant milestone in advancing America’s industrial capabilities and reducing reliance on foreign supply chains. By collaborating with Nidec, Noveon is addressing both the geopolitical and operational challenges posed by depending on overseas sources for essential materials. This strategic partnership aims to ensure a consistent and reliable supply of rare earth magnets for critical industries that are vital for the country’s economic growth and national security.
The partnership between Nidec Motor and Noveon Magnetics is seen as a critical step in supporting the nation’s most strategic industries with advanced rare earth magnet technology. As industries continue to prioritize energy efficiency and electrification, the demand for high-performance materials like rare earth magnets is expected to grow significantly. By offering recycled EcoFlux magnets and establishing a secure supply chain solution, Noveon is well-positioned to meet the needs of various applications that rely on these magnets, such as electric vehicles, wind turbines, robots, and military systems.
Through this agreement, Noveon Magnetics and Nidec Motor are not only focusing on meeting the growing demand for rare earth magnets in key sectors but also contributing to the enhancement of America’s industrial base. By utilizing recycled materials and offering domestic manufacturing solutions, the partnership aims to reduce dependency on foreign sources and ensure a stable supply of critical materials for industries essential to the nation’s economic prosperity and security. This collaboration highlights the importance of strategic partnerships in advancing domestic manufacturing capabilities and supporting industries crucial to the country’s future development.
Overall, the partnership between Nidec Motor and Noveon Magnetics represents a significant advancement in the domestic production of rare earth magnets and the development of secure supply chain solutions for critical industries. By leveraging recycled materials and focusing on domestic manufacturing, the two companies are not only meeting the growing demand for high-performance materials but also addressing key challenges related to reliance on foreign supply chains. This collaboration underscores the importance of strengthening America’s industrial capabilities and ensuring a sustainable and reliable source of rare earth magnets for industries that are essential for the country’s economic growth and national security.
Read the full article here
