U.S company Noveon Magnetics raises $215 million to expand homegrown rare earth magnet supply — $630 million spent in 2025 on American reshoring efforts to divest from Chinese reliance

Texas-based rare-earth magnet company, Noveon Magnetics, has raised $215 million from investors to expand its U.S. operations in an effort to improve American access to magnets, a rare-earth mineral crucial to producing HDDs.