Noveon Magnetics
Component
San Marcos, Texas recycler-turned-manufacturer of sintered NdFeB magnets — the only US-based commercial maker.
Noveon Magnetics makes sintered neodymium-iron-boron (NdFeB) permanent magnets in San Marcos, Texas, using a magnet-to-magnet recycling process rather than primary mining. It takes end-of-life magnets and manufacturing scrap, recovers the rare-earth content and re-engineers it into new sintered magnets sold as EcoFlux, using grain-boundary engineering to hold motor-grade performance at elevated temperature. The 145,000 sq ft plant is commercially operational with a stated target of roughly 2,000 t of magnets a year. Buyers are automotive, defense, energy-production, medical and consumer-goods OEMs that need a non-China magnet source, so the pitch is domestic supply-chain security as much as materials science — funded accordingly by venture capital and the Defense Department.
Research mapping
Physical AI / Materials & Critical Components (L3) / Component
Evidence boundary
Original analysis and independent corroboration remain under development. Commercial scale and durable technical advantage remain under review.
What makes it defensible
Magnet-to-magnet recycling at spec: it keeps the scarce rare-earth content while skipping mining and separation, and the grain-boundary step that restores motor-grade performance is proprietary.
Position in the stack: Component supplier (pa-3) with a supply-chain moat: the plant, the scrap-feedstock relationships and US-origin certification are the assets, and any motor maker diversifying away from China must qualify a source like this.
Who buys it
Founding team
Scott Dunn — Co-founder & CEO — Co-founded the company (then Urban Mining Company) with Peter Afiuny after a year in China learning magnet production; CEO since January 2016.
Dr. Miha Zakotnik — Co-founder & CTO — Met the founding team at a permanent-magnet conference in Japan in 2012; developed the company's proprietary magnet-processing technology.
Peter Afiuny — Co-founder — Co-founded Urban Mining with Dunn; part of the team that learned magnet production in China before pivoting to rare earths.
SourceFinancing detail
- Last round
- Series B ($75M, May 2023)
Investors: NGP, Aventurine Partners
Mapped funds and investors
Direct relationships supported by published evidence.
Reported holdings as-of
No sourced relationships mapped yet.
Disclosed investment history
No sourced relationships mapped yet.
Showing up to four relationships in each group. ETF weights describe the fund’s portfolio, not ownership of this company. Private investment history does not establish current ownership.