Minnesota-based magnetics company scales up greener options
Other reporting, here and here.
If the Niron process produces reliable Rare Earth free permanent magnets at automotive electric drive-train scale, without problems, it could be a cost breakthrough lessening reliance in the magnetics worldwide market upon Chinese Rare Earth element production. Other Rare Earth uses - other of the elements - would remain as is, but magnetics would change. This would accelerate transition from internal combustion driven autos to electric. In turn, there would be less reliance on Middle East oil for powering motor vehicles, allowing conservation of reserves for petrochemical use, rather than for greenhouse gas combustion.
It would be win-win all around.
UPDATE: Local business journal reporting indicates some job creation in a rural location, with this step, and with national and international expansion steps contemplated once this pilot-plant in Sartell, MN, is successfully up and running.