NGP and Aventurine Partners led $75m Series B round in Noveon Magnetics.

NGP and Aventurine Partners, two investors, led $75m Series B round in Noveon Magnetics, a manufacturer of neodymium sustainable rare earth magnets, with participation from Heidelberg Partners. “Our team is working hard every day to produce the rare earth magnets needed to power a low-carbon future while strengthening our domestic supply chain in accordance with our national security priorities. This funding will allow our company to continue ramping up production to help fulfill our robust sales pipeline and meet the skyrocketing global demand for critical rare earth magnets,” Noveon Scott Dunn CEO.