#United States #San Marcos #Noveon Magnetics #Rare Earth Magnets #One Investment Management

Noveon Magnetics Secures $215 Million Series C Financing

Noveon Magnetics, Inc., a prominent American producer of sintered rare earth permanent magnets, has announced the successful closure of a $215 million Series C financing round. This significant funding was primarily led by One Investment Management (OneIM), which invested $200 million. This ambitious financial move is set to boost Noveon’s manufacturing capabilities in the U.S., enabling the company to meet the rapidly growing demands in key industries such as automotive, defense, artificial intelligence, energy, and advanced manufacturing. Moreover, the investment addresses the increasing urgency to reshore critical supply chains within the United States.

As part of this financing round, OneIM will appoint two new members to Noveon's board, marking a strategic step toward enhancing its governance structure. Scott Dunn, the CEO of Noveon, emphasized the importance of this investment, stating, "This financing marks a pivotal step in scaling Noveon's production capabilities to meet rapidly growing customer demand." He noted that with OneIM's support, Noveon is poised to accelerate the delivery of high-performance rare earth magnets produced entirely in the U.S.

Noveon is recognized for being the first company to successfully reshore the full-scale production of sintered rare earth magnets back to the United States, a notable achievement given the industry’s previous reliance on overseas manufacturing. With this new funding, Noveon aims to increase its production capacity beyond an impressive 2,000 tons annually. This expansion is crucial not only for maintaining existing partnerships but also for meeting the climbing demand across various critical sectors requiring top-quality magnetic materials.

The significance of rare earth permanent magnets cannot be overstated—they are essential components in automotive systems, defense technologies, AI applications, data storage solutions, robotics, and advanced manufacturing processes. Noveon’s American production framework directly counters longstanding vulnerabilities in supply chains, thereby delivering reliable and efficient magnet solutions to its partners.

Rajeev Misra, CEO and Co-Founder of OneIM, remarked, "Noveon is uniquely positioned to lead the reshoring of the rare earth magnet industry at a time when supply chain security and domestic manufacturing capacity are national priorities." He praised Noveon for its exceptional talent, technological capabilities, and operational expertise, which are crucial for scaling U.S. production of rare earth magnets.

Over the past year, Noveon has achieved remarkable milestones, such as securing multi-year supply contracts with major companies like General Motors and ABB. Additionally, Noveon has formed strategic alliances with firms like Lynas and Solvay to bolster a more resilient supply chain. Furthermore, the company has initiated a closed-loop magnet recycling program in collaboration with LG Electronics and Kangwon Energy, contributing to sustainable and responsible manufacturing practices.

Scott Dunn celebrated the accomplishments of Noveon’s team over the year, expressing confidence in their collective ability to build upon their momentum. He reiterated the company’s commitment to reshoring essential magnet production to the U.S., with plans to deepen partnerships and continue to enhance manufacturing capabilities.

Goldman Sachs & Co. LLC acted as the exclusive financial advisor for Noveon during this financing round.

About Noveon Magnetics

Noveon stands as the only operational manufacturer of sintered NdFeB rare earth magnets in the United States. They have pioneered the reshoring of this production type for the first time in over two decades. By utilizing proprietary EcoFlux™ technology, Noveon has developed a fully domestic and closed-loop magnet manufacturing capability that maximizes resource efficiency, promotes the beneficial use of recycled materials, and produces high-performance finished magnets. These products are vital for critical applications, including electric vehicles, wind power systems, robotics, motors, pumps, data storage, consumer electronics, and defense technologies. For more information, visit Noveon.

About One Investment Management (OneIM)

OneIM is a global alternative investment management firm that invests across diverse asset classes, geographies, and sectors. The firm emphasizes creating long-term value by collaborating with exceptional partners and management teams. Founded in 2022, OneIM manages roughly $10 billion in assets and operates from offices located in Abu Dhabi, London, Tokyo, and New York.