The round was led by NGP and Aventurine Partners. The new funding will accelerate the expansion of Noveon's manufacturing facilities and enhance its position as a leading provider of critical rare earth magnets to businesses that span the automotive, defense, energy production, medical, and consumer goods sectors, among others. Additionally, James Wallis, Partner at NGP, will join Noveon's Board of Directors.

Noveon Magnetics is the only rare earth magnet manufacturer in the United States. Noveon's patented EcoFlux™ magnet can be made from mined rare earth elements or directly from recycled end-of-life magnetic materials and are even more powerful than the magnets they were made from. By leveraging a cache of materials sourced from discarded items, such as electric vehicles and hard drives, Noveon's process is over 90% more energy efficient than traditional manufacturing and results in a stronger, more durable magnet. Noveon's magnets have critical applications in electric vehicles, MRI machines, wind turbines, defense systems, and robots.