Neo Performance Materials launched commercial production at its permanent magnet manufacturing facility in Estonia.
The company began shipping rare earth sintered magnets to a Tier 1 electric vehicle traction motor customer.
This milestone transitions Neo from the development and sampling phase to full-scale commercial operations.
Three Tier 1 motor manufacturers have awarded the company multiple magnet programs.
These contracts focus on traction motors, the most technically demanding category of permanent magnets.
Neo expects to launch additional customer programs for traction and accessory magnets later this year.