Solvay and Noveon Magnetics announced the execution of a supply agreement for light and heavy rare earth materials. Under the said agreement, Solvay will supply Noveon with rare earth oxides starting in 2026. The partnership is a significant step toward establishing a sustainable supply chain for rare earth permanent magnets.

"This agreement strengthens our ability to deliver reliable, American-made magnet solutions to industries that depend on them most," said Scott Dunn, CEO of Noveon Magnetics. "By working with Solvay, we are building a resilient supply chain at a time when the U.S. needs it most."

Under the terms of this supply agreement, Solvay will supply Neodymium-Praseodymium (NdPr), Dysprosium (Dy) and Terbium (Tb) oxides to Noveon. These oxides will be extracted, among other sources, from end of life (EOL) materials and advance Noveon’s production of finished rare earth magnets for key customers.

"Partnering with Noveon allows us to apply Solvay’s expertise to supply essential resources for high-performance applications," said An Nuyttens, President of Solvay Special Chem. "This collaboration is part of Solvay’s broader commitment to sustainable and secure rare earth supply chains, both in Europe and abroad."

This agreement comes amid rising demand for domestically produced rare earth magnets. By combining Solvay’s chemistry expertise with Noveon’s manufacturing capabilities, the partnership offers near-term, fully functioning production capacity at a time when new domestic capacity faces long lead times and global supply risks persist.