Noveon Magnetics, Kangwon Energy Co., Ltd. and LG Electronics Co., Ltd. announced a strategic agreement to advance closed-loop recycling of rare earth permanent magnets, leveraging Noveon’s proprietary Magnet-to-Magnet (M2M™) technology. As part of the program’s initial phase, the companies will utilize Noveon’s technology on end-of-life (EOL) magnets recovered from LG Electronics products to produce new, high-performance magnets for LG products.
“This initiative is a major step toward building a more secure and sustainable rare earth supply chain,” said Scott Dunn, chief executive officer of Noveon Magnetics. “By partnering with Kangwon Energy to scale our proprietary M2M™ technology and collaborating with LG Electronics, including its eco-friendly rare earth permanent magnet recycling technology, on joint development and validation efforts, we aim to demonstrate the environmental and performance benefits of closed loop rare earth magnet recycling.
The program will expand with additional production capacity at a new facility in South Korea that is currently under development through Noveon’s joint venture with Kangwon Energy. Collaborating with LG Electronics on technology development and using their products for validation ensures real-world performance data, supporting future adoption across multiple industries.
By reclaiming rare earth elements already in circulation, the initiative reduces reliance on traditional mining and mitigates exposure to volatile supply chains – particularly those dominated by China, which currently controls over 90 percent of global magnet production. This closed-loop approach strengthens supply chain resilience, enhances material security and supports a circular economy model for next-generation technologies.
Magnets produced through the M2M™ process during the validation phase will be tested in LG Electronics applications, from household appliances to consumer electronics, confirming their strength, quality and sustainability.
Published February 2026
