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(Kitco News) - Neo Magnequench, a division of Neo Performance Materials (TSX: NEO), announced today it has launched construction of the first rare earth magnet manufacturing facility in Europe. Neodymium Magnets 1mm Thick
The facility is designed to produce specialized rare earth permanent magnets for use in electric vehicles, wind turbines, and other clean energy technologies.
According to a press release, Neo Magnequench officials recently broke ground on the facility in Narva, Estonia, which is strategically located near Neo Performance Material’s existing rare earth separations plant in Sillamäe, Estonia.
In Sillamäe, Neo takes in rare earth feedstock from a variety of sources around the world – including the United States – and produces the high-purity magnetic rare earth oxides that will be converted in Magnequench's new plant into sintered neodymium-iron-boron magnets.
Sintered rare earth permanent magnets are used in a wide variety of technologies that increase energy efficiency, reduce carbon dioxide emissions, and help enable the European Union's efforts to achieve carbon neutrality.
These magnets are especially integral to the drivetrains of the majority of electric vehicles manufactured today, where they increase the power and efficiency of the motors.
Other rare earth magnets made by Neo are used in electric motors in battery electric, hybrid electric, and conventional vehicles, as well as in electronics, water circulation pumps, high-efficiency home appliances, and many high-efficiency industrial applications.
Neo Magnequench currently plans to launch Phase 1 production in 2025, with a goal of producing approximately 2,000 tonnes/year of rare earth magnet block.
Importantly, Neo said that commercial discussions with customers of these magnets indicate demand in excess of Neo's Phase 1 plants, and the company is likely to expand to a Phase 2 production rate of 5,000 tonnes/year in the near future.
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