Noveon raises US$215M Series C to expand US rare-earth magnet production
One Investment Management leads the financing as Noveon targets capacity beyond 2,000 tons a year, following motor-supply and rare-earth sourcing agreements.
Noveon Magnetics closed US$215 million in Series C financing on 19 January 2026, led by a US$200 million investment from One Investment Management. The transaction supports expansion of US rare-earth magnet manufacturing and facilitates secondary sales by existing shareholders. OneIM will appoint two Series C board members.
The San Marcos, Texas manufacturer plans to expand annual production capacity beyond 2,000 tons of sintered rare-earth permanent magnets. Its EcoFlux process incorporates recycled materials into finished NdFeB magnets for applications including industrial motors, automotive systems, robotics, pumps and data storage.
Customer commitments already include ABB’s August 2025 long-term supply agreement for US-made magnets used in North American industrial motor production, with deliveries scheduled to ramp from that month. The agreement connects Noveon’s magnet output to a motor manufacturer’s existing production operations. Noveon also entered a multi-year General Motors supply relationship during 2025, identified among the Series C announcement’s preceding commercial milestones.
On the materials side, Solvay agreed in November 2025 to supply Noveon from 2026. The contract covers neodymium-praseodymium, dysprosium and terbium oxides, including material extracted from end-of-life sources.