Noveon Magnetics

What Noveon Magnetics does

Noveon Magnetics, Inc. is a privately held U.S. manufacturer of sintered neodymium-iron-boron (NdFeB) rare-earth permanent magnets, headquartered in San Marcos, Texas. Founded in 2014 as Urban Mining Company and rebranded in May 2022, Noveon operates a 150,000+ square-foot commercial production facility in San Marcos and claims to be the first company in more than 20 years to reshore full-scale sintered rare-earth magnet production to the United States. Its flagship commercial product line is EcoFlux™, a high-performance NdFeB permanent magnet sold into electric-vehicle traction motors (e.g., General Motors full-size SUVs and trucks), industrial and traction motors (ABB), wind turbines, robotics, and consumer electronics. Noveon differentiates on two patented technology pillars: Magnet-to-Magnet (M2M®), a closed-loop powder-metallurgy recycling process that recovers NdFeB magnets from end-of-life products and re-processes them directly into magnet-grade material using less than 10% of the energy of primary production; and Grain Boundary Engineering (GBE®), a microstructural treatment that improves coercivity and thermal stability. The company is self-attested compliant with DFARS 252.225-7052 and NDAA Section 871, positioning EcoFlux for U.S. defense and federally incentivized reshoring procurement.

The company makes money through direct hardware sales of sintered NdFeB magnets under multi-year supply agreements with OEM and industrial customers, including GM and ABB, and through government funding (notably a $28.8 million U.S. Department of Defense Title III agreement in 2020). Its go-to-market is enterprise field sales into a small number of high-volume anchor accounts, supplemented by upstream strategic partnerships with non-China rare-earth feedstock suppliers (Lynas Rare Earths, Solvay, ASM) and joint ventures (Kangwon Energy in South Korea for a 2,000-ton-per-year plant targeting Asian EV and electronics customers). Capital structure is venture-backed, having raised approximately $25M Series A (2015), $75M Series B (May 2023, led by NGP and Aventurine Partners, with J.P. Morgan as placement agent), and $215M Series C (January 2026, led by One Investment Management); the company is not publicly traded and reports no parent company. Leadership is the founding team — CEO Scott Dunn, CCO Peter Afiuny, CTO Miha Zakotnik, and CIO Catalina Oana Tudor — supplemented by CFO Viji Subramanyam and board members from NGP and OneIM.

Name

Noveon Magnetics

Legal name

Noveon Magnetics Inc.

Website

https://noveon.co

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

101–250 employees

Short description

Noveon Magnetics manufactures sintered neodymium-iron-boron (NdFeB) rare-earth permanent magnets under its EcoFlux™ brand at its San Marcos, Texas facility, serving automotive (GM), industrial (ABB), wind, robotics, and U.S. defense customers using a proprietary closed-loop Magnet-to-Magnet recycling process.

Ownership category

akta.pro rank

Product category

Rare Earth Permanent Magnets

NAICS

Nonferrous Metal (except Aluminum) Smelting and Refining (33141)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Transformers & Magnetics (Power/Signal) (HDAHANAD)

Keywords

• Rare earth magnets
• Neodymium permanent magnets
• Sintered NdFeB magnets
• Magnet recycling
• Electric motor magnets

Headquarters

HQ city

San Marcos

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Unverifiable: No verifiable source content with WX-prefixed source IDs was provided.

Go-to-market motion1 record

Core offering

Noveon Magnetics manufactures and sells EcoFlux™ sintered neodymium-iron-boron (NdFeB) rare earth permanent magnets, produced via its proprietary M2M® Magnet-to-Magnet closed-loop recycling process and GBE® Grain Boundary Engineering, targeting automotive traction motors, industrial motors, wind turbines, robotics, and consumer electronics customers. The company operates a 150,000+ sq ft San Marcos, Texas manufacturing facility with capacity being scaled to approximately 2,000 tons of magnets annually, supported by DFARS-compliant non-China rare-earth feedstock partnerships.

Product overview

Noveon Magnetics offers a single vertically-integrated product platform centered on its EcoFlux™ brand of sintered NdFeB rare-earth permanent magnets, produced using a proprietary closed-loop process rather than a multi-module SaaS-style architecture. The offering combines three tightly-coupled assets: (1) EcoFlux™ as the customer-facing branded magnet product manufactured at Noveon's San Marcos, Texas facility; (2) the M2M® Magnet-to-Magnet recycling process, which supplies recovered rare-earth feedstock by directly re-processing end-of-life magnets back into magnet-grade material; and (3) GBE® Grain Boundary Engineering, a patented microstructural treatment that enhances coercivity and thermal stability of the finished magnets. EcoFlux™ is the commercial output, while M2M® is the underlying materials supply platform and GBE® is the performance-differentiating metallurgical IP layered onto the finished magnets — together they constitute Noveon's end-to-end "recycled-to-spec" U.S. rare-earth magnet proposition for automotive, industrial, wind, robotics, and electronics customers.

Differentiator

Problem solved

Functional benefit

Brands

• EcoFlux: Noveon's proprietary high-performance, sustainable rare earth permanent magnet product line. EcoFlux magnets are manufactured using the company's patented Magnet-to-Magnet (M2M) recycling technology and Grain Boundary Engineering (GBE) technology.
• M2M (Magnet-to-Magnet)
• GBE (Grain Boundary Engineering)

Products and services

• EcoFlux™ Sintered NdFeB Rare Earth Permanent Magnets EcoFlux™ is Noveon Magnetics' flagship line of sintered neodymium-iron-boron (NdFeB) rare-earth permanent magnets, produced using recycled and non-China feedstock via the proprietary M2M® Magnet-to-Magnet recycling process and GBE® Grain Boundary Engineering. The magnets are sold to automotive OEMs, industrial motor manufacturers, wind turbine builders, robotics companies, and consumer-electronics customers requiring high coercivity, high thermal stability, and DFARS/NDAA Section 871 compliant sourcing.

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• UnverifiableOthers

Scale indicators1 record

Recent moves8 records

Expansion highlights6 records

Direct peers

• USA Rare Earth: U.S.-based rare earth mining and magnet manufacturing company developing a domestic sintered NdFeB magnet supply chain. Directly comparable as a fellow reshoring-focused magnet producer pursuing DoD and commercial automotive demand.
• MP Materials: Owner and operator of the Mountain Pass rare earth mine and a U.S. sintered NdFeB magnet facility in Fort Worth, Texas. Directly comparable as the only other at-scale U.S. rare earth magnet producer competing for the same DoD/automotive customer base.
• VACUUMSCHMELZE (VAC): German manufacturer of advanced magnetic materials and rare-earth permanent magnets with U.S. operations. Comparable as a Western (non-Asian) sintered NdFeB producer competing in automotive traction and industrial motor markets.
• Neo Performance Materials: Global manufacturer of rare-earth and magnetic materials, including NdFeB magnets, with operations across Europe, Asia, and North America. Directly comparable as a sintered NdFeB magnet producer serving automotive and industrial markets.
• Arnold Magnetic Technologies: U.S.-headquartered manufacturer of precision magnetic materials including rare-earth permanent magnets, with Rochester, NY operations. Comparable as a domestic NdFeB/samarium-cobalt magnet producer competing for aerospace, defense, and industrial customers.

Broad incumbents

• Lynas Rare Earths: Largest non-China producer of separated rare-earth oxides, with Mt Weld mine and Malaysian processing. Comparable as both a strategic partner to Noveon and a potential competitor in the broader non-China rare-earth supply stack.
• Hitachi Metals (Proterial): Japanese manufacturer (now operating as Proterial) of high-performance sintered NdFeB magnets, particularly NEOMAX® grades for EV traction motors. Comparable as a global incumbent that Noveon must displace or partner with in the automotive OEM qualification process.
• TDK Corporation: Major Japanese manufacturer of electronic components including rare-earth permanent magnets for automotive and industrial applications. Comparable as an established incumbent in sintered NdFeB magnets with deep customer relationships.
• Shin-Etsu Chemical: Japanese chemical company and the world's largest producer of sintered NdFeB magnets. Comparable as the incumbent global benchmark for high-grade NdFeB supply that Noveon must compete against on performance and price.

Others

• Solvay: Belgian specialty chemicals company with a rare-earth separation business supplying light and heavy rare earth oxides. Comparable as a non-China rare-earth feedstock supplier and partner to Noveon, though not a direct magnet competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

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Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries1 record

Funding overview

Funding rounds6 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Noveon Magnetics