What HyProMag USA does

HyProMag USA LLC is a Delaware-incorporated, development-stage rare earth magnet recycling and manufacturing company established in 2024 as a 50:50 joint venture between CoTec Holdings Corp. (TSXV: CTH; OTCQX: CTHCF) and HyProMag Limited (a subsidiary of Maginito Limited, majority-owned by Mkango Resources Ltd.). The company is building a domestic U.S. supply chain for recycled Neodymium Iron Boron (NdFeB) permanent magnets, leveraging the patented Hydrogen Processing of Magnet Scrap (HPMS) technology developed over 15+ years with $100M+ R&D investment by the University of Birmingham's Magnetic Materials Group. Its core offering is recycled NdFeB magnets and co-products (alloy, powder) produced from end-of-life electronics and industrial scrap through a short-loop, magnet-to-magnet process that uses 88% less energy and 85% less carbon emissions than conventional long-loop methods while streamlining production from 24 steps to 5.

The company operates a hub-and-spoke model: pre-processing spoke sites at Intelligent Lifecycle Solutions facilities in Williston, South Carolina and Reno/Nevada use third-generation Inserma HDD magnet separation systems (with AI-embedded HDD recognition and data traceability, processing over 60,000 drives per week) to extract and stockpile NdFeB feedstock from hard disk drives, EV motors, wind turbine magnets, speaker assemblies, and MRI machines. This feedstock feeds the main Texas Hub manufacturing facility at Ironhead Commerce Center in Northlake (Dallas-Fort Worth), an approximately 128,000-square-foot facility targeting H2 2027 commissioning with an annual capacity of 1,048 metric tons of recycled sintered NdFeB magnets plus 478 metric tons of NdFeB co-products (1,526 metric tons total payable capacity), and a three-hub expanded platform targeting 4,656 metric tons per annum by 2029.

HyProMag USA generates revenue primarily through direct enterprise sales of recycled NdFeB magnets and co-products via multi-year offtake agreements to defense, AI infrastructure, electric vehicle, robotics, and advanced manufacturing customers. A secondary revenue stream is technology licensing of HPMS. Pricing is not publicly disclosed and is determined through offtake negotiations. The company targets 10% of U.S. domestic magnet supply within five years and 25% within a decade. As of mid-2026, HyProMag USA is pre-revenue at commercial scale; the Texas Hub is under construction with long-lead equipment procurement underway, and pre-processing operations are active at the ILS spoke sites. The company is exploring a potential U.S. listing in late 2026 or 2027.

Name

HyProMag USA

Legal name

HyProMag USA LLC

Website

https://hypromagusa.com

Company type

Private

Founded year

2024

Operating status

Operating

Short description

HyProMag USA is a U.S. rare earth magnet recycling and manufacturing joint venture between CoTec Holdings and HyProMag Limited, using patented HPMS hydrogen-based technology to produce recycled NdFeB magnets from electronic and industrial waste for defense, AI infrastructure, electric vehicle, and advanced manufacturing customers.

Ownership category

akta.pro rank

Product category

Rare Earth Magnet Manufacturing

NAICS

Materials Recovery Facilities (562920)

SIC

Primary Smelting & Refining Of Nonferrous Metals (3330)

akta.pro primary industry

E-Waste & Electronics Metal Recovery (ITAD, Circuit Boards, Precious Metal Recovery) (IMAKAMAG)

akta.pro secondary industry

Metals Recovery & Sorting Facilities (Ferrous/Non-Ferrous) (EUAIADAG)

Keywords

• Rare earth recycling
• Neodymium magnet manufacturing
• Permanent magnet supply
• Magnet scrap processing
• Critical minerals production

Headquarters

HQ city

Newark

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. NdFeB Magnet and Co-Product Sales: Sale of recycled neodymium-iron-boron (NdFeB) sintered magnets and co-products (alloy, powder) produced from end-of-life electronics and manufacturing scrap. The Texas Hub targets 1,048 metric tons per annum of recycled sintered NdFeB magnets and 478 metric tons of NdFeB co-products (total payable capacity of 1,526 metric tons NdFeB) over a 40-year operating life. The expanded three-hub platform targets up to 4,656 metric tons per annum.
2. Technology Licensing: HPMS technology developed over 15+ years with $100M+ in R&D investment may be available for licensing to partners in the rare earth magnet recycling ecosystem.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

HyProMag USA operates a hub-and-spoke rare earth magnet recycling and manufacturing platform that uses its patented Hydrogen Processing of Magnet Scrap (HPMS) technology to extract Neodymium Iron Boron (NdFeB) magnet material from electronic and industrial waste. The company produces recycled sintered NdFeB magnets and co-products (alloy, powder) for sale to defense, AI infrastructure, electric vehicle, and advanced manufacturing customers, with pre-processing facilities in South Carolina and Nevada feeding the planned Texas Hub in Northlake, Texas.

Product overview

HyProMag USA offers a unified rare-earth magnet recycling and manufacturing platform centered on its patented Hydrogen Processing of Magnet Scrap (HPMS) technology. The company operates a hub-and-spoke model with pre-processing facilities (INSERMA systems in South Carolina and Nevada) that feed the main Texas Hub manufacturing facility. The core offering is recycled NdFeB (neodymium-iron-boron) magnets produced through a short-loop, magnet-to-magnet process that is faster and more energy-efficient than conventional production. The platform is designed for scalability through modular production units that can be replicated across the US.

Differentiator

Problem solved

Functional benefit

Products and services

• Recycled NdFeB Sintered Magnets Recycled neodymium-iron-boron (NdFeB) permanent magnets produced via the HPMS short-loop, magnet-to-magnet process, sold to enterprise customers in AI infrastructure, defense systems, robotics, electric vehicles, wind energy, and advanced electronics sectors.
• NdFeB Co-Products (Alloy and Powder) NdFeB alloy and powder co-products recovered from the HPMS recycling process, sold as feedstock inputs to magnet manufacturers and metallurgical buyers.
• HPMS Technology Licensing Licensing of the patented Hydrogen Processing of Magnet Scrap technology developed over 15+ years with $100M+ R&D investment, available to partners in the rare earth magnet recycling ecosystem for royalty-bearing use.

Quantifiable outcome

• 88% lower energy use than conventional rare earth magnet production
• +6 more outcomes

Named customers3 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered secondary and core.

• Oncor Electric Delivery Company LLCsecondaryStrategic or Co-development Partner · 22 June 2026HyProMag USA has started formal discussions with Oncor to provide power to the Texas Hub facility. The company expects the facility to be supplied predominantly from renewable resources, supporting its sustainability positioning.
• Intelligent Lifecycle Solutions (ILS)coreStrategic or Co-development Partner · 21 November 2025ILS is HyProMag USA's primary feedstock supply partner, operating preprocessing facilities in Williston, South Carolina and Reno, Nevada. ILS secures and stores NdFeB feedstock from hard disk drives and is expanding procurement to include electric motor rotors, wind turbine magnets, speaker assemblies, and MRI machines. Two companies have created a Joint Technical Procurement team. ILS installed and operates Inserma HDD magnet separation systems with capacity exceeding 60,000 drives per week.
• Inserma ANOIA S.L.coreTechnology or IntegrationInserma provides third-generation hard disk drive magnet separation systems installed at ILS preprocessing sites in South Carolina and Nevada. Inserma systems include AI embedded HDD recognition and data traceability functions. Three systems have been installed across the two spoke sites, capable of processing over 60,000 drives per week combined, separating magnet assemblies in approximately three seconds per drive.
• PegasusTSI and BBAsecondaryImplementation/ SI/ Consulting PartnerIndependent engineering firms leading the Class 2 AACE capital cost estimate and detailed engineering design for the Texas Hub. PegasusTSI and BBA have completed a 3D plant model as part of the approximately 35% complete detailed design study.
• University of Birmingham's Magnetic Materials Group (MMG)coreTechnology or IntegrationThe MMG developed the HPMS technology over 15+ years. Professor Allan Walton (current Head of MMG as of 2026) serves as Advising Director of HyProMag USA. Professor Emeritus Rex Harris (founder, deceased) and Dr John Speight and Mr David Kennedy were co-founders. The MMG continues to provide R&D support for HyProMag's technology development.

Scale indicators12 records

Recent moves11 records

Expansion highlights6 records

Emerging players

• Urban Mining Co. U.S. rare earth and permanent magnet recycling company extracting NdFeB and other materials from e-waste. Directly comparable as a domestic magnet recycling peer targeting similar feedstocks (HDDs, motors, electronics) and downstream NdFeB output.
• USA Rare Earth: U.S. company developing domestic rare earth mining, processing, and magnet manufacturing capabilities. Comparable as a U.S.-based NdFeB supply chain builder targeting similar defense, EV, and industrial customers, but with a mining/upstream focus rather than recycling.

Broad incumbents

• Shin-Etsu Chemical: Japanese chemical company and one of the world's largest producers of NdFeB sintered magnets. Comparable as a global NdFeB incumbent serving EV, electronics, and industrial markets; represents the dominant non-China magnet supply that HyProMag USA and other U.S. players are attempting to displace.
• Energy Fuels: U.S. critical minerals producer that has expanded into rare earth processing from monazite sand at its White Mesa Mill. Comparable as a non-China rare earth processing alternative serving similar critical minerals markets, but focused on refining rather than magnet manufacturing or recycling.
• MP Materials: The largest U.S. rare earth materials company, operating the Mountain Pass mine and refining/magnet capabilities. A broader incumbent in the U.S. rare earth supply chain; comparable as a domestic NdFeB competitor with far greater scale but a long-loop, mining-based feedstock model versus HyProMag's short-loop recycling.
• Vacuumschmelze (VAC): German manufacturer of advanced magnetic materials, including NdFeB sintered magnets for EV, industrial, and energy applications. Comparable as an established NdFeB magnet producer using similar permanent-magnet technology and serving overlapping EV/industrial customers.

Direct peers

• Noveon Magnetics: U.S.-based manufacturer of sintered NdFeB permanent magnets serving EV, defense, and industrial markets. Directly comparable as a domestic NdFeB producer competing for the same enterprise customers HyProMag targets, though Noveon focuses on primary magnet manufacturing rather than recycled feedstock.
• Cyclic Materials: Canadian rare earth elements recycling company using hydrometallurgy to recover REE from magnets and motors. Closely comparable as a rare-earth magnet recycling operator targeting EV, wind, and electronics scrap feedstocks with similar end markets to HyProMag USA.

Others

• Mkango Resources: Canadian-listed (AIM/TSX-V) parent entity indirectly controlling HyProMag USA through Maginito/HyProMag Limited. A related-party peer rather than a competitor, but its Songwe Hill rare earth project in Malawi provides upstream REE feedstock context for the broader HyProMag ecosystem.
• HyProMag Limited: U.K.-based parent entity and 50% JV partner in HyProMag USA; commercializes the same HPMS technology in the UK and Germany. Not a true competitor but the technology source and operational reference plant for HyProMag USA's U.S. deployment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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 HyProMag USA