Niron Magnetics secures $150M DOD loan and $150M SMSC loan for Sartell magnet plant

Niron Magnetics/Sartell Iron-Nitride Magnet Plant

Niron Magnetics secured conditional $150M financing from the U.S. Department of Defense's Office of Strategic Capital and $150M from the Shakopee Mdewakanton Sioux Community. The combined $300M in loans supports capital equipment and construction for the Sartell facility, with full operations targeted for end of 2027.

• DOD recognizes national security importance of domestic rare-earth-free magnet supply
• SMSC loan continues two-decade partnership, supporting Minnesota manufacturing and 175+ jobs
• Both loan commitments fund facility toward full operational status by end of 2027