- Neo Magnequench, a division of Neo Performance Materials , announced today it has launched construction of the first rare earth magnet manufacturing facility in Europe.
According to a press release, Neo Magnequench officials recently broke ground on the facility in Narva, Estonia, which is strategically located near Neo Performance Material’s existing rare earth separations plant in Sillamäe, Estonia. Sintered rare earth permanent magnets are used in a wide variety of technologies that increase energy efficiency, reduce carbon dioxide emissions, and help enable the European Union's efforts to achieve carbon neutrality.
Other rare earth magnets made by Neo are used in electric motors in battery electric, hybrid electric, and conventional vehicles, as well as in electronics, water circulation pumps, high-efficiency home appliances, and many high-efficiency industrial applications.