Allison Ventures Announces Strategic Investment in Niron Magnetics
20 Février 2024 - 2:30PM
Business Wire
Allison Transmission’s venture capital arm
invests in the development of sustainable non-rare earth permanent
magnets for integration in electric vehicle propulsion motors and
renewable energy systems.
Allison Ventures, Allison Transmission’s venture capital arm, is
pleased to announce its strategic investment in Niron Magnetics, a
pioneering company in the field of sustainable non-rare earth
permanent magnets. This investment marks a significant milestone in
the advancement of clean energy solutions and the reduction of
reliance on critical materials.
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Allison Transmission’s venture capital
arm invests in the development of Niron’s Clean Earth Magnet®️
technology, intended to address the global demand and supply risks
of rare-earth elements needed for electric vehicle motors and other
critical applications. (Photo: Business Wire)
"Niron Magnetics is excited to have Allison Ventures as a
strategic partner," said Jonathan Rowntree, Chief Executive
Officer, Niron Magnetics. "Their expertise and network in
commercial-duty propulsion solutions will be instrumental in
accelerating the adoption of our Clean Earth Magnet® technology and
expanding our market reach."
Niron Magnetics has developed a breakthrough technology that
enables the production of powerful permanent magnets without the
need for rare earth elements. With an extensive patent portfolio,
Niron Magnetics is poised to revolutionize the magnet industry and
address the challenges associated with the global supply chain of
rare earth elements.
The strategic partnership between Allison Ventures and Niron
Magnetics addresses the growing demand for sustainable and
environmentally friendly solutions in commercial-duty mobility.
Allison Ventures intends to back the commercialization and
expansion of Niron's non-rare earth magnet technology, alongside
other prominent leaders in the automotive industry, by
participating in Niron Magnetics' funding round announced
today.
"As the mobility industry evolves to cleaner technologies, it is
critical to deliver those products in a sustainable manner. We are
thrilled to partner with Niron Magnetics in their mission to enable
global electrification and provide a sustainable alternative to
rare earth magnets,” said Mike Foster, Executive Director and Chief
Technology Officer, Allison Transmission. “Niron’s Clean Earth
Magnet technology is meant to address the global demand and supply
risks of rare-earth elements needed for electric motors and other
critical applications."
The investment from Allison Ventures comes at a crucial time as
the demand for rare earth elements continues to outpace production,
leading to supply chain vulnerabilities and environmental concerns.
Niron Magnetics' non-rare earth magnets offer a sustainable and
cost-effective solution that can be seamlessly integrated into
various applications, including electric vehicle propulsion motors
and renewable energy systems.
To learn more about Allison Ventures, visit
allisontransmission.com.
About Allison Transmission
Allison Transmission (NYSE: ALSN) is a leading designer and
manufacturer of propulsion solutions for commercial and defense
vehicles and the largest global manufacturer of medium- and
heavy-duty fully automatic transmissions that Improve the Way the
World Works. Allison products are used in a wide variety of
applications, including on-highway trucks (distribution, refuse,
construction, fire and emergency), buses (school, transit and
coach), motorhomes, off-highway vehicles and equipment (energy,
mining and construction applications) and defense vehicles
(tactical wheeled and tracked). Founded in 1915, the company is
headquartered in Indianapolis, Indiana, USA. With a presence in
more than 150 countries, Allison has regional headquarters in the
Netherlands, China and Brazil, manufacturing facilities in the USA,
Hungary and India, as well as global engineering resources,
including electrification engineering centers in Indianapolis,
Indiana, Auburn Hills, Michigan and London in the United Kingdom.
Allison also has approximately 1,600 independent distributor and
dealer locations worldwide. For more information, visit
allisontransmission.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240220424952/en/
Claire Gregory Director, Global External Communications
Claire.Gregory@allisontransmission.com (317) 694-2065
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