Investment made by Canada’s export credit agency. The plant will be commissioned next year and supply the European and North American EV markets.
Toronto-based Neo Performance Materials has secured up to $50 million in loans from Export Development Canada to advance the construction of its sintered rare earth magnet facility in Narva, Estonia. The plant is set to be completed next year with an initial annual production capacity of 2,000 tons of magnets. With the facility, Neo mainly aims to supply the European and North American electric vehicle markets. In August, a major European car manufacturer placed an order for roughly 35% of the production volume. Neo’s President and Chief Executive Officer, Rahim Suleman, said the plant will “service the growing demand for localized, parallel supply chains, shaping the future of EV manufacturing in Europe and North America.” In the press statement, the company also highlighted the strategic location of the magnet factory as it is close to its rare earth separation facility in Sillamäe, facilitating the transport of feedstock material to the new plant.
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