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Honda Backs Niron Magnetics for Sartell Magnet Plant

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Sig3.60Sen+6.20Env+1.90Soc+3.80Gov+1.50

Honda invested in Niron Magnetics through its Honda Xcelerator Ventures open-innovation program, backing plans for a 190,000-square-foot Sartell magnet plant. The project is expected to create 175 full-time jobs starting operations in 2027, supported by a $52.2 million federal tax credit, a $10 million Minnesota grant and a $150 million DoD loan. Niron targets rare-earth-free permanent magnets for vehicles, robotics, automation, data centers and defense.

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