The recently formed Allison Ventures, a venture capital arm owned by Allison Transmission, has invested in Niron Magnetics.

The company specializes in non-rare earth magnets that can be used to reduce the need for rare earth metals in electric motor production.

“Niron Magnetics is excited to have Allison Ventures as a strategic partner,” said Jonathan Rowntree, CEO, Niron Magnetics. “Their expertise and network in commercial-duty propulsion solutions will be instrumental in accelerating the adoption of our Clean Earth Magnet technology and expanding our market reach.”

“As the mobility industry evolves to cleaner technologies, it is critical to deliver those products in a sustainable manner. We are thrilled to partner with Niron Magnetics in their mission to enable global electrification and provide a sustainable alternative to rare earth magnets,” added Mike Foster, executive director and chief technology officer, Allison Transmission. “Niron’s Clean Earth Magnet technology is meant to address the global demand and supply risks of rare-earth elements needed for electric motors and other critical applications.”