# Noveon Magnetics Inc.

> Noveon Magnetics makes sintered neodymium-iron-boron magnets in San Marcos, Texas. Its EcoFlux process can use recovered magnet material, while its factory supplies finished magnets and assemblies to industrial buyers including General Motors, ABB, and Nidec. A $215 million Series C in January 2026 backs an expansion beyond its stated 2,000-ton annual capacity.

- **Founded:** 2014
- **Headquarters:** San Marcos, United States
- **Founders:** Scott Dunn (Co-founder and CEO), Peter Afiuny (Co-founder and Chief Commercial Officer), Miha Zakotnik (Co-founder), Catalina Oana Tudor (Co-founder and Chief Information Officer)
- **Products:** EcoFlux sintered NdFeB magnets, Magnet-to-Magnet (M2M) recycling, Custom magnet assemblies and engineering support
- **Notable:** Opened a commercial sintered NdFeB magnet production operation in San Marcos; commercial sales began in 2023., Announced a five-year Nidec off-take agreement with potential for more than 1,000 tons of finished magnets., Secured multi-year supply agreements with General Motors and ABB in 2025.

## Products & services

- **EcoFlux sintered NdFeB magnets** — Finished or block-form permanent magnets engineered for demanding motor and other industrial applications; the process can use virgin or recycled feedstock.
- **Magnet-to-Magnet (M2M) recycling** — Collection and recovery of end-of-life magnetic material for reuse as feedstock in new magnets.
- **Custom magnet assemblies and engineering support** — Prototype-to-volume assemblies, application engineering, testing, coating, magnetization, and inspection.

## Achievements

- Opened a commercial sintered NdFeB magnet production operation in San Marcos; commercial sales began in 2023.
- Announced a five-year Nidec off-take agreement with potential for more than 1,000 tons of finished magnets.
- Secured multi-year supply agreements with General Motors and ABB in 2025.
- Closed a $215 million Series C in January 2026 to expand U.S. manufacturing capacity beyond 2,000 tons per year.
- Named among Fast Company's 10 most innovative companies in manufacturing in 2023.

## Latest updates

- **2026-01** — Closed a $215 million Series C led by a $200 million investment from One Investment Management.
- **2025-11** — Signed a Solvay agreement for rare-earth oxides expected to begin supply in 2026.
- **2025-08** — Announced long-term magnet supply agreements with General Motors and ABB.
- **2025-02** — Announced a five-year Nidec off-take agreement with potential for more than 1,000 tons.
- **2025-01** — Launched a closed-loop recycling initiative with LG Electronics and Kangwon Energy.

## Links

- Website: https://noveon.co
- LinkedIn: https://www.linkedin.com/company/noveon-magnetics
- Twitter/X: https://x.com/noveonmagnetics

---

Profile page: https://yespress.io/noveon-magnetics-inc
Published by YesPress — https://yespress.io
Last updated: 2026-09-29