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Engineers review plans at the construction site of Niron Magnetics' rare-earth-free magnet plant in Minnesota, built by Wood.

Wood and Niron Magnetics Partner to Build World’s First Rare-Earth-Free Magnet Plant in Minnesota

Wood and Niron Magnetics are building the world’s first large-scale plant for rare-earth-free permanent magnets in Minnesota. Slated for 2027, the facility will produce 1,500 tons of powerful Iron Nitride magnets annually from abundant materials, creating a secure U.S. supply for EVs and green tech and challenging China’s rare earth dominance.

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