Wiley Advises Niron Magnetics on $150 Million Loan Commitment from OSC

August 7, 2026

Washington, DC – Wiley advised Niron Magnetics on a conditional loan commitment from the U.S. Department of War’s (DoW) Office of Strategic Capital (OSC) to build the first commercial-scale plant for permanent magnets made without rare-earth materials.

The $150 million award was announced by President Trump at a landmark American mining summit in Washington, D.C. on August 7, 2026. OSC’s funding is instrumental in Niron’s construction of a $605 million manufacturing plant in Minnesota capable of producing 1,500 tons of rare earth-free magnets annually.

OSC’s commitment follows months of collaborative and productive engagement with the White House, DoW, and other key federal agencies and reflects the Administration’s commitment to building a resilient high-performance permanent magnet industry in the United States.

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“The growth of a strong permanent magnet industry is a key strategic priority for the U.S. Government because magnets enable technological capabilities that are integral to the nation’s defense, infrastructure, economy,” said Hon. Nazak Nikakhtar, chair of Wiley’s National Security Practice and Supply Chain Practice lead, who advised Niron Magnetics in the matter. “Niron’s rare-earth-free magnets represent leap-ahead technology that strengthens America’s industrial base, and we are proud to support the company in securing this important source of financing.”