Allison invests in the development of non-rare earth permanent magnets
By Luke Willetts - 18th March 2024
USA – Allison Ventures*, the venture capital arm of Allison Transmission Inc, a gearbox and e-Axle manufacturer based in Indianapolis, Indiana, has invested in Minnesota-based Niron Magnetics Inc**, a company specialising in the development of sustainable non-rare earth permanent magnets. Allison is hoping that this investment helps develop sustainable permanent magnets to be used in its e-axles, thereby using less critical rare earth materials, adding to the long-term sustainability of its business. This should, in theory, help boost Allison’s Environmental, Social and Governance (ESG) score, which will have a material impact on the company's stock price.
Whilst sums are undisclosed, the investment will allow Niron to expand and help commercialise its non-rare earth magnet technology. Bloomberg confirmed that Samsung Ventures led this investment round.
