Neo Wins New Award with Leading European Tier 1 Manufacturer of EV Traction Motors

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[{"type":"text","content":"\n\n\n\n Neo Wins New Award with Leading European Tier 1 Manufacturer of EV Traction Motors\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.prnrbrb0{\nBORDER-RIGHT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnsbbb0{\nBORDER-BOTTOM:black 0pt\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnsbtb0{\nBORDER-TOP:black 0pt\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prnpr2{\nPADDING-RIGHT:0.17em\n}\n.prnsblb0{\nBORDER-LEFT:black 0pt\n}\n.prnpl2{\nPADDING-LEFT:0.17em\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n Commercial award peak year volume equivalent to 35% of completed Phase I capacity\n \n\n Sintered magnets to be supplied by Neo's Magnequench new manufacturing facility in\n \n Europe\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Aug. 6, 2024\n \n\n /CNW/ - Neo Performance Materials Inc. (\"\n \n Neo\n \n \" or the \"\n \n Company\n \n \") (TSX: NEO) announced today that its wholly-owned subsidiary in\n \n Estonia\n \n , NPM Narva OÜ (\"\n \n Magnequench Sintered Magnets\n \n \"), has been awarded the supply of sintered rare earth magnets to a leading European Tier 1 supplier of electric vehicle (\"\n \n EV\n \n \") traction motors. The award volumes represent approximately 35% of the finished magnet capacity of the new European facility being built by Magnequench Sintered Magnets. Production revenues are projected for the second half of 2026 through 2033, with peak supply to the customer expected in 2029.\n \n\n\n\n\n\n\n\n\n This commercial win reflects Neo's proven competency to deliver competitive, integrated and resilient supply chain solutions to serve the growing need of automotive OEMs for geographic diversity, local-to-local component and critical raw materials sourcing. This award follows customer detailed design and technology specifications, cost quotations, deeply integrated supply chain, and a proven track record of producer-customer collaboration for the specific application these magnets serve. The award is subject to finalizing certain project contracts that are customary in these circumsta...

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