Canada-based NEO Performance Materials has officially opened its new permanent magnet manufacturing facility in Narva, Estonia, which started operation in May.
The facility, which was co-funded by the European Union’s Just Transition Fund and completed in 500 days, is producing and shipping qualification sample magnets to meet contract obligations for automotive platforms. It has secured contracts for traction motor magnets and has expanded its product offerings as demand for local supply chains has increased.
The facility is projected to produce 2,000 metric tonnes of magnets annually in its 1A phase and scale to over 5,000 metric tonnes in Phase 1B.
In September, NEO extended its strategic partnership with German engineering and technology company Robert Bosch through an agreement that reserves annual magnet production capacity for Bosch, ensuring a stable supply chain for the company.
Through its bonded magnetic materials business, NEO has been a long-term designer and supplier of rare-earth magnetic products for EV and plug-in hybrid traction motors, including heavy-rare-earth-free magnetic powder used in EV motors as well as other automotive and industrial applications.
Source: Neo Performance Materials
