Noveon Secures $215M to Scale U.S. Rare-Earth Magnets

Noveon Magnetics closed a $215 million Series C round, anchored by a $200 million investment from One Investment Management, to expand domestic sintered rare‑earth magnet production. The financing will accelerate capacity growth as demand increases across automotive, defense, AI, energy and advanced manufacturing, and it also facilitates secondary share sales by some existing investors. OneIM will appoint two board members as part of the transaction. Noveon, which reshored full‑scale sintered magnet manufacturing to the United States, plans to grow capacity beyond 2,000 tons per year to meet rising demand for high‑performance NdFeB magnets. Management says the capital will speed deliveries, scale capability and strengthen supply‑chain resiliency for customers. Over the past year Noveon has signed multi‑year supply agreements with General Motors and ABB, formed upstream partnerships with Lynas and Solvay, and launched a closed‑loop magnet recycling initiative with LG Electronics and Kangwon Energy. These steps support a vertically integrated U.S. supply chain for critical magnetic materials and aim to reduce reliance on vulnerable foreign sources. Investors and executives describe the round as a pivotal move to solidify domestic rare‑earth magnet capacity and support critical industries that depend on reliable, high‑performance magnetic components.