Over the past few years, supply chain issues have plagued consumers when it comes to getting everything from groceries to new cars. Now, Europe’s first rare earth magnet manufacturing facility is looking to help with production in hopes of helping people find what they need.
Neo Performance Materials
Rare earth magnets are used in cars, wind turbines, audio equipment, computer devices, and many everyday items. China is responsible for producing the bulk of rare earth magnets, but new facilities are looking to lessen international dependence on them, including a new plant fronted by Neo Performance Materials. Recently, the company broke ground at the facility’s future home in Narva, Estonia where production of the neodymium-iron-boron sintered magnets is expected to begin in 2025. The idea calls for a second location in Sillamäe, Estonia. This plant will be responsible for separating materials brought in from the United States and other countries. A U.S. company, Energy Fuels, will also provide Neo with mixed rare earth carbonate thanks to a supply agreement.
Production Goals
Neo believes that they can produce materials for roughly 1.5 million electric cars in their first phase of production and another 4.5 million in phase two. The company also hopes to support the making of EV batteries, regular cars, and home appliances. Company officials say the sintered rare earth magnets will reduce carbon emissions, improve energy efficiency, and achieve carbon neutrality. Embassy staff from multiple countries and consumers have shown excitement for the potential of this operation. Ursula von der Leyen of the European Union stressed the impact of the plans by stating, “Today, all of Europe looks at you with pride and hope."
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