Noveon Magnetics

Sintered NdFeB magnets made by a dry powder-metallurgical route the company brands EcoFlux, built on patented magnet-to-magnet recycling and grain boundary engineering that reform end-of-life magnets into new finished magnets without the leaching and solvent-extraction steps of the conventional chain. Feedstock can be recycled magnet scrap, virgin rare-earth material, or a blend.

At a glance

Founded: 2014 — Founded as Urban Mining Company; renamed Noveon Magnetics in a rebranding announced 16 May 2022.
Headquarters: San Marcos, Texas, United States
Ownership: Private. Disclosed backers include One Investment Management, which put $200 million into a $215 million Series C closed in January 2026, and NGP with Aventurine Partners, who led a $75 million Series B in 2023. A 2020 Defense Production Act Title III cooperative agreement carried $28.8 million in federal funds.
Stage: Ramping. Has made sintered NdFeB in San Marcos for several years, but has never published output; its large automotive contracts began deliveries in 2025.
Listing: Private.
Revenue: Not publicly disclosed. This company does not publish revenue and no named third party has published an estimate of it.

Capacity

Each date below links to the document the figure came from. A capacity figure with no source is not on this page.

What	Figure	Status	As of
Sintered NdFeB, San Marcos, Texas — nameplate	approximately 2,000 t/yr. Actual output has never been published.	Operating	Jan 2026
Sintered NdFeB, San Marcos — long-term ambition stated by the company in 2022	approximately 10,000 t/yr, described as a five to seven year goal	Announced	Oct 2022
Sintered NdFeB, South Korea, with Kangwon Energy — memorandum of understanding only	2,000 t/yr, production targeted from 2027	Announced	Nov 2025
Sintered NdFeB from recovered end-of-life magnetic material — motors, energy systems, medical devices, data storage and hybrid and EV drivetrains	the recycled fraction is not published; the company states it can manufacture from virgin material, recycled content, or a combination depending on the customer	Operating	Sep 2026

Narrative

Noveon Magnetics makes sintered NdFeB permanent magnets in San Marcos, Texas. It operated as Urban Mining Company until a rebranding announced in May 2022. Its patented magnet-to-magnet and grain-boundary-engineering methods allow magnets to be produced from recycled end-of-life magnets as well as from virgin rare-earth material. The San Marcos plant was supported by a 2020 Defense Production Act Title III cooperative agreement including $28.8 million in federal funds. The company raised a $75 million Series B in 2023 and a $215 million Series C in January 2026, and has announced supply agreements with General Motors, Nidec and ABB.

Where public sources disagree

The approximately 2,000 t/yr figure is a design number that has been quoted continuously since 2020. It was described as a future target in 2020, 2022 and 2023 and as existing capacity in the January 2026 Series C release. A 2016 plan and an undated economic-development case study both describe 250 t/yr. No public source gives actual output in any year.
Founding year is given as 2014 by most sources; one 2022 newspaper account traces the founding to 2012, when the founders met at a conference in Japan, which may refer to that meeting rather than to incorporation.
Defense funding totals do not reconcile. The federal award record shows $28.8 million in federal funds from July 2020; the company's 2022 rename release says the Department of Defense has invested over $35 million.

Fact checks from the digest

Claims made about this company that the weekly digest has put against this atlas, newest first. The verdict and the working are here in full; the issue each came from is for subscribers.

narrower than claimed · Digest issue 006 · 28 September 2026

Competitively selected, jointly

Two claims in one release, and both are narrower than they read.
"Competitively selects" and "multiple-award, shared with Noveon" are not contradictory, but only one of them is in the announcement. A reader of Vulcan's release alone would take this as a sole selection; the structure is recoverable only from the contracting record, and Noveon is not named anywhere in the release. Noveon has published nothing at all — its newsroom carries no Army, SkyFoundry or drone-motor item — so the second awardee is silent about its own award. We attribute the structure to SOFX's reading rather than asserting it, and would rather print a correction than a claim we have not opened the file on.
And the release calls Benson "the largest rare earth magnet factory outside of China." From this atlas: Benson is 10,000 t/yr, announced, under construction, against a Durham pilot line of about 10 t/yr. Noveon — the other awardee — has carried 10,000 t/yr at San Marcos as a stated ambition since 2022, also announced, against roughly 2,000 t/yr of nameplate today. MP Materials' company magnet total lands at about the same figure and is also unbuilt. Three claims to one number, none of them producing. The superlative is a claim about a factory that does not yet exist, made in the same document that omits the award's structure.

Sources

Urban Mining Company is now Noveon Magnetics — Noveon Magnetics via PR Newswire (2022-05-16)
$215 million Series C — Noveon Magnetics via PR Newswire (2026-01-19)
$75 million Series B — NGP (2023-05-16)
Kangwon Energy memorandum of understanding — Noveon Magnetics via PR Newswire (2025-11-03)
General Motors multi-year supply agreement — Noveon Magnetics / General Motors via PR Newswire (2025-08-06)
Federal award record FA86502025536, DPA Title III — HigherGov, U.S. federal award data (2020-07-21)

How this page is sourced

Everything here comes from public sources — company filings, annual reports, exchange announcements, government releases and trade press. Every figure is linked to the document it came from and carries the date that document was published, because a capacity number without a date is not a fact, it is a rumor with a decimal point.

What is deliberately absent: material nonpublic information. I have spent more than two decades in this industry and a good deal of what I know about these companies I learned under NDA. Those obligations do not expire and they do not bend for a website. Nothing I have been told in confidence appears here in any form, and nothing on this page — or missing from it — should be read as a signal about what I know privately. I hold NDAs absolutely. It is the reason clients tell me things.

Judgment is the other thing left out on purpose. This page reports what has been published and who published it. Whether a target is credible, whether a ramp will hold, whether a capacity figure survives contact with the plant behind it — that is the work I do for clients, and it does not belong in a free reference page.

Where public sources disagree, I say so rather than picking a winner. Where a figure has not been published, the field says so rather than carrying an estimate. An empty field is information too.

Public filings tell you what a company has said. Whether it holds up is a different question, and the one I get hired to answer.

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