MPR News: Minnesota magnet maker receives federal loan to streamline construction of Sartell facility

A Minnesota-based magnet maker is set to receive a $150 million federal loan through the Department of Defense.

The loan will help Niron Magnetics accelerate opening a facility north of St. Cloud in Sartell, where it will make magnets for use in cell phones, electric vehicles, wind turbines and defense weapons. And it will do so without the use of rare-earth materials.

“The goal here is to bring that facility fully on board over the course of the next year for the first phase coming on board in 2027 and the full plant by 2028," said Mark Schramek, vice president of government affairs for Niron Magnetics. “We have secured a large portion of the funding for the full project, and this will allow us to basically move this forward to a full completion.”

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