Urban Mining Company is now Noveon Magnetics: The Nation’s Only Manufacturer of Sustainable Rare Earth Magnets Powering our Electrified Future
Noveon’s Technology – Used in EVs, Wind Turbines and Beyond – is Backed by the U.S. Department of Defense and Represents the First Major Innovation in Magnet Manufacturing in Over a Decade
The entity formerly known as Urban Mining Company announced its rebranding as Noveon Magnetics, Inc. Noveon Magnetics is the only U.S. producer of the high-performance rare earth magnets essential to the leading electric technology the world depends on every day – from electric vehicles to MRI machines to wind turbines and robots. Using its proprietary breakthrough technology, Noveon Magnetics recycles end-of-life magnets to manufacture new magnets even more powerful than the ones they were made from. Noveon’s factory in San Marcos, TX is built to manufacture 2,000 metric tons of magnetic material annually.
“Electrification doesn’t happen without rare earth magnets,” said Scott Dunn, Chief Executive Officer of Noveon. “Magnets are used in the electric motors and generators that power our society. They can be found in household items like cell phones, earbuds, power tools, laptops, refrigerators, and electric scooters, as well as infrastructure such as wind turbines and electric vehicles. With huge growth in EVs and clean energy, the demand for magnets is skyrocketing and Noveon has invented a better magnet that uses less rare earth elements, has a much lower carbon footprint, and can even be made from recycled magnets. Magnets are the key to a low-carbon future.”
Industry experts at Adamas Intelligence predict that global rare earth magnet alloy demand will more than double by 2030 – to over 460,000 tons – and triple to over 675,000 tons by 2035. Because new rare earth mines are unable to keep up with this demand, there will be a shortage of 66,000 tons annually by 2030 and 206,000 tons annually by 2035 – nearly one-third of the total market.
Currently, China produces 93% of all rare earth magnets and is building new factories to meet the demand. However, supply-chain and national security concerns have caused many commercial and military consumers to seek a domestic magnet supply. Due to a recent law, U.S. defense contractors can no longer use Chinese magnets, and many are looking to Noveon. In fact, the U.S. Department of Defense has invested over $35 million in Noveon to support commercialization.
Noveon Magnetics’ signature product is the patented EcoFlux™ magnet, sustainably produced and rated for high-performance applications such as EV motors and wind turbines. The EcoFlux magnet can be made from mined rare earth elements or from recycled end-of life magnets. When using mined materials, EcoFlux requires 20% less heavy rare earths, has a lower carbon footprint, and is stronger than magnets made with current manufacturing processes. When EcoFlux is produced sustainably from recycled magnets, it uses 90% less energy, less rare earth material, and causes less harm to the planet. Currently, less than 1% of the world’s end-of-life magnets are recycled. With over 100,000 tons of magnets discarded annually, Noveon is creating recycling solutions that maximize recovery, promote sustainability, and curtail dependance on traditional mined sources.
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“Over 600,000 tons of discarded magnets sit in our landfills, and only 1% is ever recycled,” said Peter Afiuny, Noveon’s Chief Commercial Officer. “Noveon’s process is a huge step forward for the environment in terms of reducing the use of electricity and chemicals, limiting the creation of radioactive and other waste byproduct, and diminishing the overall carbon footprint. We believe our technology can help bridge the upcoming supply shortage caused by both geopolitics and the lack of newly mined rare earth elements, and be the key to global sustainability of rare earth magnets.”
Due to spiking demand and predicted price increases, the market for rare earth magnets is projected to quadruple to $79 billion per year by 2030.
Source: Urban Mining Company