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Neo Wins Another Traction Motor Award with an Additional Tier 1 and OEM Customer in Europe
Neo Wins Another Traction Motor Award with an Additional Tier 1 and OEM Customer in Europe ...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n\n\n\n Neo Wins Another Traction Motor Award with an Additional Tier 1 and OEM Customer in Europe\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n July 9, 2025\n \n\n /CNW/ - Neo Performance Materials Inc. (\"\n \n Neo\n \n \" or the \"\n \n Company\n \n \") (TSX: NEO) (OTCQX: NOPMF) today announced that it has been awarded the supply contract for a new platform of permanent rare earth magnets with a prominent European Tier 1 supplier of electric vehicle (\"\n \n EV\n \n \") traction motors to a major OEM. Both the Tier 1 and OEM represent new additions to Neo's growing customer base. This new commercial partnership further strengthens Neo's reputation as a preferred supplier to multiple automotive clients.\n \n\n\n\n\n\n\n\n\n These magnets will be supplied by Neo's new rare earth magnet facility in Narva,\n \n Estonia\n \n , which is already producing and shipping qualification samples to meet contract obligations of automotive platforms it has been awarded. The project award is estimated to be approximately\n \n $50 million\n \n in cumulative revenues over the life of the project at current rare earth market prices, based on customer projections. Commercial delivery of the magnets is anticipated to begin in mid-2026 for this award.\n \n\n Neo's new European facility is the first sintered magnet plant to come online outside\n \n Asia\n \n , with an explicit focus on European and North American Electric Vehicle, Industrial Power Tooling, and Offshore Wind customers. The facility has already been awarded multiple traction motor magnets – widely regarded as the most technically demanding product category for sintered magnets for its high requirements in power and heat management. The facility has also expanded its product categories to non-traction-motor applications as demand for local supply chains has increased. Co-funded by the European Union's Just Transition Fund, this facility is projected to produce 2,000 t/year in phase 1, with plans to scale to over 5,000 t/year in Phase 2. The official op...