Table of Contents
⚠ Disclaimer: This entry may be incomplete, out of date, or inaccurate. It is AI-maintained on a best-effort basis. Do not rely on it as a sole source — verify claims independently using the sources listed below.
Summary
Noveon Magnetics, Inc. (formerly Urban Mining Company) is a privately held San Marcos, Texas manufacturer of sintered neodymium-iron-boron (NdFeB) permanent magnets, marketed as EcoFlux magnets and made partly from end-of-life and scrap magnet feedstock. The company says it is the only operational US producer of sintered NdFeB magnets and handles alloy development, coating, magnetization, assembly and inspection at a single 132,000 sq. ft. San Marcos plant. It announced a $215 million Series C led by One Investment Management in January 2026, and has announced supply agreements with GM, ABB and Nidec Motor plus a Korean joint factory MOU. NdFeB magnets are the binding input for every BLDC and servo motor, which makes Noveon the most important US name on the Actuators supply-chain “magnet chokepoint” list.
Key Facts
- HQ: 1550 Clovis Barker Road, San Marcos, Texas (third-party directory)
- Founded: 2014 (as Urban Mining Company, per CB Insights); commercial site construction began 2018, magnet production by 2020
- Ownership: Private; 215 million dollar Series C closed January 2026, led by a $200M investment from One Investment Management
- Facility: 132,000 sq. ft. San Marcos manufacturing center (company); earlier press describes a larger HQ campus on 10 acres
- Compliance: Company states products comply with 10 U.S.C. 2533c and DFARS 252.225-7052 specialty-metals rules
- Customers and offtake (company announcements): General Motors multi-year agreement (August 2025); ABB long-term supply agreement (August 2025); Nidec Motor 5-year offtake of potentially more than 1,000 tons
- Expansion: MOU with Kangwon Energy for a 2,000-ton annual sintered NdFeB factory in South Korea, production expected 2027
Products and Capabilities
- EcoFlux sintered NdFeB magnets and magnetic assemblies
- Recycling of end-of-life and scrap magnets as feedstock (process licensed from University of Birmingham research per company page)
- Alloy purchases include high-purity NdFeB alloy from Australian Strategic Materials
Notes
- The noveon.com homepage could not be fetched; details come from noveon.co pages, press releases and third-party profiles surfaced in search.
- Whether the magnets are produced from US-sourced rare earth oxides, versus recycled and imported alloys, was not established in this review.
OpenTree Map Listing
Pinned on the OpenTree US component map at San Marcos, TX (family on map: Magnets; grouping approximate). OpenTree pins rely on the company’s own website and are unverified.
Claim Verification
Claim: Only operational US producer of sintered NdFeB magnets
Status: Unverified (company claim repeated in its own press releases; other US projects are ramping, e.g. Vulcan Elements and USA Rare Earth)
Supporting sources:
Claim: 215 million dollar Series C led by One Investment Management
Status: Verified (company press release distributed via PR Newswire)
Supporting sources: