Company profile
Noveon Magnetics: what it does, projects, funding and status (2026)
Processing / manufacturing (operating) Private HQ: San Marcos, Texas
Noveon Magnetics, a private company based in San Marcos, Texas, makes sintered neodymium magnets with a proprietary process that uses recycled magnet material, and raised a $215M Series C in January 2026 to scale beyond 2,000 tons a year. Scott Dunn is chief executive, and the company has supply agreements with General Motors and ABB and partnerships with Lynas and Solvay.
Verified through Oct 1, 2026
Status and timeline Report a correction All US rare earth companies
What does Noveon Magnetics do?
Noveon Magnetics makes sintered neodymium-iron-boron permanent magnets in San Marcos, Texas, with its EcoFlux process, which it says supports a closed-loop approach that reuses recycled magnet material. It works at the magnet step, with a recycling feedstock stream.
Noveon describes itself as the first company to reshore full-scale production of sintered rare earth magnets to the United States, a claim that competes with eVAC Magnetics' description of its Sumter plant as the first large-scale US producer in more than 25 years. Both agree the US had almost no large-scale sintered magnet output until recently.
Its technology is a powder metallurgy recycling process that the company says keeps magnet performance through multiple recycling cycles. Applications named by the company include electric vehicles, wind turbines, robots, motors, pumps and military systems.
Which assets and facilities does Noveon Magnetics operate?
Noveon operates one magnet plant, in San Marcos, Texas, which makes sintered NdFeB magnets partly from recycled material. The company is scaling the plant beyond 2,000 tons a year of magnets and has not published a second US site.
| Asset | Location | What it does | Size or output | Status |
|---|---|---|---|---|
| San Marcos magnet plant | San Marcos, Texas | Sintered NdFeB magnets with recycled feedstock | Scaling beyond 2,000 t/yr (company, Jan 2026) | Operating |
Noveon's own 2024 account described 2,000 tons as the capacity expected in 2024 to 2025 and a goal of at least 50% recycled content at full capacity. Current output is not published.
Who buys from Noveon Magnetics and how much can it make?
Noveon has multi-year supply agreements with General Motors and ABB and earlier named Nidec Motor and Eriez as customers. It aims to make more than 2,000 tons of magnets a year, and its volumes to date are not published.
Beyond customers, Noveon has two feedstock partners. Solvay announced a supply agreement for light and heavy rare earth oxides to Noveon starting in 2026, and Lynas Rare Earths signed a non-binding memorandum of understanding on Oct 8, 2025 covering oxide supply, metal and alloy production and magnet supply for defense, automotive and industrial users.
Noveon also has a closed-loop magnet recycling initiative with LG Electronics and Kangwon Energy. Its chief executive has said the company would need four or five factories to meet customer demand.
Who funds and runs Noveon Magnetics?
Noveon raised a $215M Series C on Jan 19, 2026, led by One Investment Management with $200M and advised by Goldman Sachs. Scott Dunn, who co-founded the company with Peter Afiuny, is chief executive. The sources checked list no government award.
The round is meant to expand domestic capacity for automotive, defense, AI, energy and advanced manufacturing demand. Noveon grew out of an earlier venture called Urban Mining, and co-founders Miha Zakotnik and Catalina Oana Tudor joined after meeting Dunn and Afiuny at a 2012 magnet conference in Nagasaki.
What is the timeline of Noveon Magnetics?
Noveon signed a Lynas memorandum in Oct 2025, a Solvay supply agreement for oxides starting in 2026 and a $215M Series C on Jan 19, 2026. The next milestones are Solvay oxide deliveries in 2026 and capacity beyond 2,000 tons a year.
- 2012
The founders meet the later co-founders at a magnet conference in Nagasaki.
- Oct 8, 2025
Noveon and Lynas Rare Earths sign a non-binding memorandum of understanding.
- By Jan 2026
Noveon and Solvay announce a supply agreement for light and heavy rare earth oxides starting in 2026.
- Jan 19, 2026
Noveon closes a $215M Series C led by One Investment Management.
Next milestones
- 2026
Solvay oxide deliveries are due to begin.
- Next
Capacity is to scale beyond 2,000 t/yr; no date is published.
What government support has Noveon Magnetics received?
Noveon has no federal grant, loan or equity stake recorded in the sources checked. Its latest funding of $215M is private, and its customers include defense and automotive buyers that benefit from federal sourcing rules.
No federal support is recorded for Noveon Magnetics in the sources checked.
A Jan 1, 2027 Department of Defense sourcing rule could raise demand for US-made magnets. See the DFARS 2027 rare earth rule and the government support tracker.
What are the risks and unknowns for Noveon Magnetics?
The main unknowns are Noveon's current output, how much of its feedstock is recycled and when imported oxide supply from Lynas and Solvay becomes steady. As a private company it publishes limited financial and production data. This directory reports facts and gives no investment view.
- Volumes: no current production figure is published, only a target beyond 2,000 t/yr.
- Feedstock: the Lynas arrangement is a non-binding MoU, and Solvay supply starts in 2026.
- Recycled content: the 50% goal at full capacity is a company target.
- Competition: eVAC, MP Materials and Vulcan Elements are also scaling US magnet production.
Questions about Noveon Magnetics
Is Noveon Magnetics a public company?
No. Noveon Magnetics is private and has no stock ticker. It raised a $215M Series C in January 2026.
Where is Noveon Magnetics based?
Noveon is based in San Marcos, Texas, where its magnet plant operates.
Who is the CEO of Noveon Magnetics?
Scott Dunn is chief executive and a co-founder of Noveon Magnetics, which he founded with Peter Afiuny.
Does Noveon use recycled magnets?
Yes. Its EcoFlux process uses recycled magnet material in a closed-loop approach, and it has a recycling initiative with LG Electronics and Kangwon Energy.
How much did Noveon raise in 2026?
Noveon raised a $215M Series C on Jan 19, 2026, led by One Investment Management with a $200M investment, to expand domestic production capacity beyond 2,000 tons per year.
Sources and verification
Each profile lists its sources, a confidence grade and a verification date. Order of authority: official records (SEC filings, agency documents), company documents and technical reports, research papers, then independent press. Syndicated copies and reference works are labeled and are never the only source for a number. Company-reported figures are labeled as such, and non-binding deals are labeled "letter of intent" or "conditional".
- OSTI review, Minerals Engineering 249 (Kashyap et al., 2026) Research paper
- Pulse 2: Noveon Magnetics $215M Series C (Jan 2026) Syndicated copy
- Noveon: Series C announcement Company document
- Noveon and Lynas Rare Earths partner (Oct 2025) Company document
- Noveon and Solvay partnership Company document
- Noveon: Forbes profile, the Texas startup that recycles rare earth magnets Company document
- Mining Weekly: Lynas and Noveon join forces (Oct 2025) Independent press
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