Company news about French Rare-Earth-Free Permanent Magnet Maker Secures €1.6M Funding, Reshaping Raw Material Supply Chain for Overseas Ma

French Rare-Earth-Free Permanent Magnet Maker Secures €1.6M Funding, Reshaping Raw Material Supply Chain for Overseas Ma

2026-06-30

French startup Hit Mag completed €1.6 million financing to mass-produce rare-earth-free permanent magnetic materials, replacing traditional NdFeB for small & medium permanent grate magnets and light-duty drum separators.

The new magnetic material cuts production cost by 32% and avoids rare-earth export tariffs. European manufacturers of food and plastic recycling equipment carry out mass sampling tests. Small and medium buyers in Southeast Asia and the Middle East start inquiries for rare-earth-free iron removers, diverting long-term orders of traditional rare-earth magnetic equipment. Chinese manufacturers of magnetic separation equipment accelerate R&D matching for rare-earth-free magnetic systems.

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