“Minneapolis-based Niron said it believes its iron nitride magnet - which it has branded as a Clean Earth Magnet - is more magnetic than a traditional permanent magnet made with neodymium and praseodymium.”
China controls 90% of rare earths. Can influence cost of competitive Evs and wind turbins.
“The deal comes despite GM’s 2021 agreement to buy rare-earth magnets from MP Materials (MP.N). MP has struggled to refine its own rare earths in California, but has been building a magnet facility in Texas.”
More efforts to reduce rare earth demand for EVs etc (and wind turbines).
" automakers from General Motors (GM.N) to Jaguar Land Rover (JLR) and major suppliers like BorgWarner (BWA.N) are researching, or have developed, motors with low- to zero-rare earth content such as magnet-free externally excited synchronous machines (EESMs), which generate a magnetic field using electric current."
“The average EV permanent magnet motor uses around 600 grams (1.32 lb) of heavy rare earth neodymium. Prices have fluctuated greatly for neodymium - at around $125/kg now, it is down from a peak of around $223 last year, but well above $65 in 2020.”