# Neo Performance Materials building €100M magnet factory in Narva

Canadian company Neo Performance Materials is building a permanent magnet factory in Narva, Estonia, the first of its kind in Europe. Initial capacity is 2,000 tonnes of magnetic blocks per year, with potential expansion to over 5,000 tonnes and total investment of €250 million.

- Type: New facility
- Announced: 2023-11-23
- Where: Narva, Estonia
- Starts operating: 2025
- Status: under construction
- Capacity: 2,000 tonnes of magnetic blocks per year
- Products: permanent rare earth magnets
- Sectors: [Specialty Chemicals](https://endata.com/sectors/specialty-chemicals.md)

## Companies

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

## Sources

- [miningsee.eu](https://www.miningsee.eu/just-transition-funds-success-neos-e100m-magnet-factory-in-narva/), 2023-11-23: "The Canadian company Neo Performance Materials (Neo) is building a permanent magnet factory in Narva, Estonia, making it the first of its kind in Europe and the Western world."

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