By David Sachs

Stellantis is part of the latest investment round for Niron Magnetics, according to the U.S. manufacturer of magnets without rare-earth materials.

Niron Magnetics said Wednesday that Stellantis Ventures, the corporate investment arm of the Netherlands-based, multinational car maker, is part of a $33 million funding round for the Minnesota-based company.

Niron aims to mass produce iron-nitride magnets for the car industry, as an alternative to magnets dependent on rare-earth materials, it said.

Rare earths such as neodymium, dysprosium and terbium are used in permanent magnets that are needed to help drive motors in electric vehicles.

Stellantis didn't immediately respond to a request for comment, but Stellantis Ventures lists Niron Magnetics on its website as an investee.

Write to David Sachs at david.sachs@wsj.com

(END) Dow Jones Newswires

November 08, 2023 12:07 ET (17:07 GMT)

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