NPM Narva OÜ
Neo Performance Materials is an advanced materials science, engineering & manufacturing company, with a focus on rare earth magnetics and other critical materials.
With headquarters in Toronto, Canada Neo has production sites in China, Thailand and Estonia, and a global footprint – Canada, China, Estonia, Japan, Germany, South Korea, Thailand, Singapore, United Kingdom, United States.
Neo Magnequench, a division of Neo Performance Materials Inc., recently broke ground on construction of the first rare earth magnet manufacturing facility in Europe designed to produce specialized rare earth permanent magnets for use in electric vehicles, wind turbines and other clean energy technologies.
Based in Narva, Estonia, the plant expects to begin production of permanent rare earth magnets in 2025 sufficient to support the manufacturing of approximately 1.5 million electric cars.
The groundbreaking event included speeches from notable officials from Estonia, including Estonian President Alar Karis, Estonian Investment Agency Director Joonas Vänto, Minister of Economic Affairs Tiit Riisalo, Minister of Regional Affairs Madis Kallas.
Also participating were European Union representatives including Deputy Director General of EU Commission’s DG GROW Maive Rute and European Commission President Ursula von der Leyen.
— the first stage of construction is 20,000 m2
— the investment is 100 million euros, including the grant of 18.75 million euros from Just Transition Fund
