# Neo wins $50M rare earth magnet supply contract for EV traction motors in Europe

Neo Performance Materials has been awarded a supply contract for permanent rare earth magnets with a European Tier 1 supplier of EV traction motors to a major OEM. The project is estimated at $50 million in cumulative revenues, with commercial delivery expected to begin in mid-2026.

- Type: Contract
- Announced: 2025-07-09
- Where: Narva, Estonia, Estonia
- Value: $50.0M
- Status: announced
- Products: permanent rare earth magnets for EV traction motors
- Sectors: [Automotive Components](https://endata.com/sectors/automotive-components.md)

## Companies

- [Neo Performance Materials Inc.](https://endata.com/companies/34625.md) (supplier)

## Sources

- [newswire.ca](https://www.newswire.ca/fr/news-releases/neo-wins-another-traction-motor-award-with-an-additional-tier-1-and-oem-customer-in-europe-843800772.html), 2025-07-09: "We welcome yet another commercial recognition from a new customer."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.