This round was led by Samsung Ventures, which has the investment mandate to closely track the strategic priorities of leading consumer electronics manufacturer Samsung and encompasses investments in consumer electronics, semiconductors, telecommunications, and more. Allison Ventures, the venture capital arm of Allison Transmission, leading designer and manufacturer of vehicle propulsion solutions, was also part of this funding round, along with one of the world's largest automotive suppliers, Magna. This investment will strengthen Niron's ability to expand its production facilities and scale manufacturing capacity for exclusive customer programs and initial sales of the Clean Earth Magnet.

In addition to Samsung Ventures, Allison Transmission, and Magna, current investors Shakopee Mdewakanton Sioux Community and University of Minnesota also participated in this round, providing additional funding. By joining Niron's impressive list of investors, which includes GM Ventures, Stellantis Ventures, Volvo Cars Tech Fund, and more, this diverse group of strategic partners demonstrate the potential of Niron's Clean Earth Magnet technology to revolutionize a broad range of industries.

Niron Magnetics is scaling the world's first advanced manufacturing process for the mass production of permanent magnets powered by its breakthrough material formulation. Niron's proprietary Clean Earth Magnet® technology based on Iron Nitride enables magnets that possess inherently high magnetization, are free of rare earths and other critical materials, and will enable a revolution in the design of new electric motors and generators.