Noveon Magnetics, a company based in San Marcos, Texas, that makes magnetic materials, has teamed up with Kangwon Energy, a South Korean engineering company, and LG Electronics, a South Korean maker of consumer electronics, to recycle rare earth magnets.
In the first phase of the project, the companies will use Noveon’s Magnet-to-Magnet (M2M) technology to turn old magnets from LG products into new, high-quality magnets for LG products.
Noveon plans to expand the project by building a new factory in South Korea with Kangwon Energy. Working with LG Electronics will aid ensure the magnets perform well in real-world products, which Noveon hopes will lead to wider use in many industries.
This project aims to lower the need for traditional mining by reusing rare earth elements already in use, which will help lessen the impact of supply chains, especially since China controls over 90% of the world’s magnet production.
Magnets made through this recycling process will be tested in various LG products, from home appliances to electronics, to ensure they meet strength, quality, and sustainability standards.
Executive Statement
According to Noveon CEO Scott Dunn, this initiative is a major step toward building a more secure and sustainable rare earth supply chain. By partnering with Kangwon Energy to scale their proprietary M2M technology and collaborating with LG Electronics, including its eco-friendly rare earth permanent magnet recycling technology, on joint development and validation efforts, they aim to demonstrate the environmental and performance benefits of closed-loop rare earth magnet recycling.
According to Pilhyun Yoon, LG Electronics VP, at LG Electronics, they design products with their full lifecycle in mind. This collaboration allows them to validate recycled rare earth magnets directly within their products as well as manufacturing processes, proving that circular materials can meet the same performance and quality standards consumers expect. Partnerships like this are critical to turning sustainability into an operational reality.