The European Commission has officially approved funding from the Innovation Fund for Neo Performance Materials, a Canadian-registered company, to construct a new rare earth permanent magnet production line in Estonia. According to ERR News, this strategic project is designed…
Reposted from Juncai Magnetic Applications; copyright belongs to the original author. See the "Sources" section at the end for the original link.
The European Commission has approved funding for a project by the Canadian-registered company Neo Performance Materials to build a new rare earth permanent magnet production line in Estonia, according to ERR News.
Maximum Annual Production of 3,000 Tons
The project will cover the separation of rare earth materials, metallization processing, and magnet manufacturing. The planned capacity of the production line is up to 3,000 tons of permanent magnets per year. One-third of the products are planned to be supplied to offshore wind farms in EU countries.
Neo Performance Materials owns the Silmet plant located in Sillamäe, eastern Estonia, as well as a magnet manufacturing enterprise in Narva. According to the project description, the project will avoid emitting over 3.4 million tons of carbon dioxide equivalent during its first ten years of operation.
Funding from the Innovation Fund
The European Commission has selected 77 European projects in the field of net-zero emission technologies, which will receive a total of 3.4 billion euros in funding from the EU Innovation Fund. The funding for this fund will come from the revenues of the European Emissions Trading System (ETS).
The final terms of the grant agreement are planned to be published in the first quarter of 2027. The Silmet plant relies on raw material supplies from the aggressor country, Russia, but the company has pledged to stop using these supplies. Previously, Estonia had requested an exemption for its suppliers from European sanctions, bringing the enterprise into the spotlight.
Sources
- UA.NEWS (2026-10-19)
- Original link: European Commission to Fund Rare Earth Permanent Magnet Production Project in Estonia — ERR News
- https://ua.news/cn/world/evrokomisiia-profinansuie-virobnitstvo-ridkisnozemelnikh-magnitiv-v-estoniyi-err-news