# Neo Performance Materials to build magnet factory in Narva, Estonia

Neo Performance Materials plans to construct a magnet factory and R&D center in Narva, Estonia, with an investment of €81.25 million plus €18.75 million from Estonia's Just Transition Fund. Phase 1 will produce 2,000 tons/year of sintered rare earth permanent magnets, with manufacturing operations expected to start in 2025.

- Type: New facility
- Announced: 2023-07-19
- Where: Narva, Ida Viru County, Estonia
- Value: $90.0M (81.3M EUR)
- Starts operating: 2025
- Status: announced
- Capacity: 2,000 tons/year of sintered rare earth permanent magnet block
- Products: sintered rare earth permanent magnets
- Sectors: [Industrial Machinery](https://endata.com/sectors/industrial-machinery.md)

## Companies

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

## Sources

- [global-recycling.info](https://global-recycling.info/archives/8442), 2023-07-19: "The facility is believed to transform the region’s economy, providing jobs and paving the way to a clean energy transition."

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