Noveon Magnets Inc., a startup in Texas, is on the brink of changing the way we see decarbonization, and they say recycling rare earth magnets is the key. In addition to helping with the country’s efforts to decarbonize, Noveon is focused on the geopolitical and supply chain risks associated with rare earth magnets, hoping to lessen our dependence on China's rare earth metals. Scott Dunn, Noveon’s co-founder and chief executive said, “We don’t want China to just deliver us our quality of living and not have control of our destiny.”

The Value of “End-of-life” Magnets

Global consumption of neodymium magnets increased by 18.1% in 2021. Thanks to the growth of electric vehicles and wind power, it’s predicted to increase by a growth rate of 8.6% through 2035. Noveon said, “Less than 1% of rare earth magnets are recovered or recycled.” However, their new technology aims to use the enormous supply of “end-of-life” magnets.    Noveon pursues a “sustainable approach” to superior magnet production. It does this through a process of waste and hazardous waste removal, gathering everything from Bird scooters, and computer hard drives, to MRI machines and motors from hybrid cars to separate old rare earth magnets, grinding them down, and shaping them into new ones without resulting in decreased performance.   Dunn predicts that by 2024 or 2025, they will be able to produce 2,000 tons of magnets under long-term supplier agreements. They’ll do this by using a combination of mined and recycled rare-earth material, which is typically lost in the shredding process that occurs during recycling.   With our reliance on critical minerals being a significant political issue, Texas Gov. Greg Abbot chose to speak from Noveon’s factory for his State of the State Address last February. He cited our need to reduce reliance on China for rare earth materials, saying that if supply was ever disrupted, many of the things we do in our everyday lives would come to a halt. He called Noveon a potential solution — “a cutting-edge business in the critical field of rare earth elements.”

Apex Magnets

As you can see, as the world advances and changes, magnets are becoming more and more relevant and important. They are a driving force in technology, clean energy, medicine, and the economy as a whole. To stay up-to-date on the latest news, sign up for our newsletter and get these stories (and more!) sent straight to your inbox each month. If you ever have questions about our content or products, give us a call or email us!