Noveon closes $75 million Series B for U.S. magnet manufacturing
Noveon closed a $75 million Series B co-led by NGP and Aventurine Partners to expand its commercially operating San Marcos magnet facility.
Evidence notes
- NGP and Aventurine Partners co-led the round, and NGP partner James Wallis joined Noveon's board.
- The company said the capital would accelerate facility expansion and production for automotive, defense, energy, medical and consumer applications.
- At announcement, Noveon described its 145,000-square-foot San Marcos facility as commercially operational.
Company context
Noveon Magnetics manufactures sintered NdFeB rare-earth permanent magnets and magnetic assemblies in San Marcos, Texas, using virgin or recycled feedstock.