Honda (TYO:7267) has invested in Niron Magnetics through its Honda Xcelerator Ventures program, according to a press release on Wednesday.

The funding amount was not disclosed. The capital will assist Niron in scaling manufacturing operations and developing its magnetic material technology.

Niron produces iron nitride permanent magnets that do not use rare-earth elements. The magnets has applications in automotive, robotics, industrial automation, AI infrastructure, data centers and consumer electronics.