Wood Secures EPC Contract for World's First Iron Nitride Permanent Magnet Plant in Minnesota
Wood has secured an engineering, procurement, and construction management contract for Niron Magnetics' Plant 1 in Sartell, Minnesota, marking the establishment of the world's first full-scale Iron Nitride permanent magnet facility. The plant aims to produce 1,500 tons of Iron Nitride magnets annually by 2027, enhancing the domestic supply chain for key industries like automotive and defense while utilizing more abundant materials compared to traditional rare earth magnets. The project will be managed by a team of over 80 U.S.-based specialists.
Theia Market Signal Identification - AI Assisted
Wood has been awarded an engineering, procurement and construction management contract for Niron Magnetics' Plant 1 in Sartell, Minnesota, which is the world's first full-scale Iron Nitride permanent magnet facility. The plant is expected to produce 1,500 tons of Iron Nitride permanent magnets annually by 2027, supporting a domestic supply chain for critical industries such as automotive and defense.
This innovative technology uses abundant materials like iron and nitrogen, contrasting with traditional magnets that depend on rare earth materials. The project will be executed by a team of over 80 specialists based in the U.S.
Comments