Brussels has agreed to back a plant in Estonia that will make rare-earth permanent magnets, ERR News reports. The scheme belongs to Neo Performance Materials, a Canadian-registered company that runs the Silmet works in Sillamäe and a magnet factory in Narva, and it is among 77 net-zero technology schemes sharing €3.4bn from the EU Innovation Fund.
The line would cover separation, metallisation and magnet making, producing up to 3,000 tonnes of magnets a year, a third of them for EU offshore wind farms. Silmet still relies on Russian raw materials but has promised to stop using them. The final grant terms are due to be published in early 2027.
Source: ERR News
