Noveon Magnetics is the only operational manufacturer of sintered neodymium-iron-boron (NdFeB) rare earth magnets in the United States, and the first company to reshore full-scale sintered magnet production domestically in over two decades. The San Marcos, Texas-based manufacturer closed a $215 million Series C round in January 2026, led by a $200 million investment from One Investment Management (OneIM), to expand production capacity beyond 2,000 tonnes per year.
Company Overview
Founded in 2014 as Urban Mining Company and rebranded as Noveon Magnetics in 2023, the company is led by CEO and co-founder Scott Dunn alongside Chief Technology Officer and co-founder Dr. Miha Zakotnik, who developed the firm’s proprietary magnet-processing technology. Noveon operates a 150,000-square-foot facility in San Marcos, sited on a 10-acre plot within a larger 100-acre land holding acquired in 2020, leaving substantial room for future expansion.
The company’s core technology, branded EcoFlux™, is a powder metallurgical process for manufacturing high-performance sintered NdFeB magnets. Its feedstock can switch between fully recycled post-consumer scrap and responsibly sourced virgin material. A complementary patented process, Magnet-to-Magnet (M2M™) recycling, reclaims material from end-of-life magnets without the chemical separation step used in conventional rare earth recycling.
Key Assets & Operations
Noveon’s San Marcos plant is currently the company’s sole production site, but two expansion tracks are underway. In November 2025, Noveon signed a memorandum of understanding with South Korea’s Kangwon Energy to build a 2,000-tonne-per-year sintered NdFeB facility in Korea, extending the company’s footprint into a second major magnet-consuming market. The Series C proceeds announced in January 2026 are earmarked specifically for scaling the San Marcos site beyond its existing 2,000-tonne capacity.
On the supply side, Noveon Magnetics has signed raw material agreements with Lynas Rare Earths and with Solvay for light and heavy rare earth materials, reducing reliance on a single upstream source for its NdPr and heavy rare earth feedstock.
Latest Projects & Developments
Noveon has built out a customer base across automotive, industrial, and consumer electronics in the past 12 months. A multi-year supply agreement with General Motors covers EV magnets, and a separate long-term deal with ABB Motion supplies magnets for ABB’s North American motor production, with deliveries ramping from August 2025 through to full part coverage by the end of 2026. In March 2025, Noveon entered a five-year, binding off-take agreement with Nidec Motor Corporation covering more than 1,000 tonnes of finished sintered NdFeB magnets, with deliveries beginning in 2025.
In January 2026, Noveon, Kangwon Energy and LG Electronics launched a closed-loop recycling initiative using Noveon’s M2M™ process to reclaim magnets from end-of-life LG appliances and remanufacture them into new LG products, with validation-phase output to be tested directly in LG applications.
Noveon Magnetics in the Global REE Market
The United States remains more than 90% dependent on China for finished rare earth magnets, according to figures Noveon has cited publicly, and China holds roughly 92% global market share in magnet production by some industry estimates. Against that backdrop, Noveon’s position as the sole US sintered NdFeB producer gives it a structural advantage as automotive, defence and industrial buyers seek non-Chinese supply. The January 2026 Series C, backed by a fund with prior exposure to peer NdFeB producer Vulcan Elements, signals continued investor appetite for US magnet reshoring beyond Noveon alone.
Government interest reinforces the same theme: NdFeB magnet independence has been treated as a national security priority, with the US Department of Defense having previously backed Noveon’s commercialisation work. For broader context on the manufacturer landscape Noveon competes in, see Top 10 Rare Earth Magnet Manufacturers and USA Rare Earth, a fellow US mine-to-magnet developer.
Company Snapshot
| Metric | Detail |
|---|---|
| Founded | 2014 (as Urban Mining Company; rebranded 2023) |
| Headquarters | San Marcos, Texas, USA |
| Ownership | Private; backed by OneIM, Aventurine Partners, NGP Energy Capital Management and other investors |
| Key elements processed | Neodymium, praseodymium, dysprosium, terbium (sintered NdFeB) |
| Flagship facility | 150,000 sq ft San Marcos plant; capacity target 2,000+ tonnes/year |
| Latest financing | $215 million Series C, closed January 2026, led by OneIM |
This article is for informational purposes only and does not constitute investment advice. Noveon Magnetics is a private company; figures cited are drawn from company statements and named press releases as of January 2026 and are subject to change. Sources: USGS Rare Earths Statistics, Noveon Magnetics Series C announcement, PRNewswire.
What does Noveon Magnetics produce?
Noveon Magnetics produces sintered neodymium-iron-boron (NdFeB) permanent magnets for electric vehicles, wind turbines, industrial motors, robotics and defence systems, using both virgin and recycled rare earth feedstock.
Where is Noveon Magnetics located?
Noveon Magnetics is headquartered and manufactures at a single facility in San Marcos, Texas. The company has also signed a memorandum of understanding to build a second production facility in South Korea with partner Kangwon Energy.
How large is Noveon Magnetics’ production capacity?
Noveon operates the only sintered NdFeB magnet manufacturing facility currently active in the United States, with a stated capacity target above 2,000 tonnes per year following its most recent funding round. See the article body for the latest confirmed scale.
What is Noveon Magnetics currently working on?
Noveon is scaling its San Marcos manufacturing capacity, developing a second production facility in South Korea with Kangwon Energy, and expanding closed-loop magnet recycling partnerships, including an initiative with LG Electronics.
Who owns Noveon Magnetics?
Noveon Magnetics is privately held. Investors include One Investment Management (OneIM), which led the company’s most recent funding round, alongside other venture and strategic backers named in company announcements.
