NOVEON MAGNETICS COMPLETES $215 MILLION SERIES C TO EXPAND U.S. RARE EARTH MAGNET MANUFACTURING CAPACITY

Financing Round Led by One Investment Management Supports Expansion of Domestic Rare Earth Magnet Production and Facilitates Secondary Share Sale

SAN MARCOS, Texas, Jan. 19, 2026 /PRNewswire/ — Noveon Magnetics, Inc. (Noveon), a leading U.S. manufacturer of sintered rare earth permanent magnets, today announced the close of a $215 million Series C financing led by a $200 million investment from One Investment Management (OneIM). The capital will fuel significant growth of Noveon’s domestic rare earth magnet manufacturing capacity as demand accelerates across key sectors — including automotive, defense, AI, energy, and advanced manufacturing — and as the need to reshore critical U.S. supply chains becomes increasingly important. In addition, today’s Series C financing facilitates secondary sales by certain existing shareholders.

As part of the transaction, OneIM will appoint two new Series C board members.

“This financing marks a pivotal step in scaling Noveon’s production capabilities to meet rapidly growing customer demand,” said Scott Dunn, CEO of Noveon. “With the support of OneIM, we are accelerating deliveries of high-performance rare earth magnets produced entirely in the United States — scaling capacity, capability, and strengthening supply chain resiliency for our customers.”

Noveon was the first company to reshore full-scale production of sintered rare earth magnets to the United States. This investment positions Noveon to accelerate its growth trajectory by expanding capacity beyond 2,000 tons per year, enabling the company to support existing commercial partners and capture growing demand from critical industries requiring high-performance, high-quality magnetic materials.

Rare earth permanent magnets are essential to automotive systems, defense platforms, AI and data storage technologies, robotics, and advanced manufacturing applications. Noveon’s American manufacturing platform directly addresses long-standing supply chain vulnerabilities, delivering reliable, high-performance magnet solutions.

“Noveon is uniquely positioned to lead the reshoring of the rare earth magnet industry at a time when supply chain security and domestic manufacturing capacity are national priorities,” said Rajeev Misra, CEO and Co-Founder of OneIM. “The company has assembled exceptional talent and built the technical skills, operational expertise, and execution discipline required to scale U.S. rare earth magnet manufacturing. We are proud to support Noveon’s next phase of growth and I look forward to supporting the company as it builds capacity that can truly meet the moment.”

Over the last 12 months, Noveon has achieved several significant milestones, including entering into multi-year supply agreements with General Motors and ABB, forming strategic partnerships with Lynas and Solvay to help create a more resilient supply chain, and entering into a closed-loop magnet recycling initiative with LG Electronics and Kangwon Energy. These milestones have strengthened Noveon’s position as a leader in sintered NdFeB magnets and have laid the groundwork for offering a fully domestic, vertically integrated solution for rare earth magnets.

“I am incredibly proud of what our team has accomplished over the past year,” added Scott Dunn. “We look forward to building upon our strong momentum with support from our new and existing partners to deliver on our mission to reshore critical magnet production to the United States.”

Goldman Sachs & Co. LLC served as exclusive financial advisor to Noveon. 

About Noveon
Noveon is the only operational manufacturer of sintered NdFeB rare earth magnets in the United States and the first to reshore them in over 20 years. Through its proprietary EcoFlux™ technology, Noveon delivers a fully domestic, closed-loop magnet manufacturing capability that maximizes resource efficiency, allows for the beneficial use of recycled materials, and produces superior high-performance finished magnets that meet the full range of commercial and industrial demand. Noveon’s products provide a secure and resilient supply chain solution for critical applications including electric vehicles, wind turbines, robotics, motors, pumps, data storage, consumer electronics, and defense systems. Learn more at https://noveon.co/.

About OneIM
OneIM is a global alternative investment manager that invests across the capital structure, in a range of asset classes, industries and geographies. The firm applies a flexible investment approach and focuses on creating long-term value by working with exceptional partners and management teams. OneIM is sector agnostic and focuses on situations where it can leverage its cross-asset class expertise and capital base to achieve differentiated risk-adjusted returns. The firm was founded in 2022 and currently manages approximately $10 billion in assets. The team operates from offices in Abu Dhabi, London, Tokyo and New York.

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Tesla launches US-made solar panel, a rare sign of life for its solar business

Tesla has updated its online configurator with a new solar panel heavily emphasizing its US manufacturing at Gigafactory New York. It’s a surprising new product launch for a business that Tesla has seemingly been dismantling for the last two years.

For years now, we have been reporting on the slow decline of Tesla’s solar business.

After acquiring SolarCity in 2016, Tesla’s solar deployment has never reached the highs of its predecessor. The situation became dire over the last few years as Tesla stopped scheduling projects in many markets and eventually stopped reporting its solar deployment numbers entirely in 2024.

Instead, the company shifted its strategy to become a supplier, launching an “Installer Day” and pushing its hardware through third-party certified installers rather than its own internal teams.

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But late last year, we saw a flicker of life when Tesla announced it would restart solar panel production in Buffalo. Now, we have the full specs of that product, and it looks like Tesla is finally doing what it promised nearly a decade ago: building its own unique solar module.

The new module, listed as TSP-420, appeared on Tesla’s website today.

Made in Buffalo, Finally

The most prominent feature of the datasheet is the statement: “Proudly made on Earth by humans and assembled in Buffalo, New York, in the United States of America.”

“Assembled in Buffalo” does point to someone outside the US producing the solar cells and Tesla assembling the panels at Gigafactory New York in Buffalo.

But this is still significant. Gigafactory New York (originally built for SolarCity and paid for by the state of New York) was supposed to be the largest solar factory in the Western Hemisphere. However, after the acquisition, Panasonic took over manufacturing there before exiting the facility in 2020. Since then, the factory has been mostly used for Supercharger components and Autopilot data labeling.

For the last few years, Tesla has been white-labeling panels from other manufacturers like Q Cells. This new datasheet confirms they are bringing manufacturing back in-house with a proprietary design.

Giga New York is back to being a solar factory to some degree.

The Specs: 18 Power Zones?

The specs show a 415W and 420W module, which is standard for the current market, we previously reported on Tesla adopting 420W panels back in 2021.

However, the technology inside seems different. Tesla claims the new panel features “18 Power Zones” compared to 6 in a standard panel.

Standard half-cut solar cells usually split a panel into two independent sections (top and bottom) to handle shading better. If Tesla is claiming 18 zones, they are likely using a shingled cell design or a custom string layout that allows the panel to maintain output even when significant portions are shaded.

The datasheet also confirms the integration of the Zep-derived rail-less mounting hardware, which Tesla claims allows the panel to sit closer to the roof for a “minimalist aesthetic” – a tech acquired through the Solar City bailout a decade ago.

Electrek’s Take

On one hand, I am happy to see Tesla finally utilizing Gigafactory New York for its original purpose. The “Power Zones” tech sounds genuinely useful for shading issues, and if they can control the manufacturing cost, it could be a competitive product.

There are some smaller panels out there that have 420 watts of capacity, but if it can handle shading better, it could be more efficient.

On the other hand, what does this mean for Tesla’s solar business?

Tesla has spent the last two years firing its solar scheduling teams and canceling customer orders en masse. They explicitly pivoted to third-party installers. Is this panel only for Tesla’s internal crews (which are now skeletal)? Or will they sell this premium, US-made panel to third-party installers?

I think it’s going to be the latter.

If they sell it to third parties, it competes directly with the commodity panels those installers love to use. If they keep it for themselves, they need to rebuild an installation workforce they just spent years dismantling.

It feels like Tesla’s solar strategy is still a bit of a yo-yo. But at least for now, the solar business has a pulse.

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