Noyarey, France-based MagREEsource, a deep-tech industrial company, has secured €23M in its latest funding round.
The round was led by Fonds SPI 2, managed by Bpifrance on behalf of the French government under the France 2030 initiative.
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Other backers include FININDUS (ArcelorMittal and the Flanders Region), INNOVACOM, BNP Paribas Développement, C2AD, Fonds Régional Avenir Industrie Auvergne-Rhône-Alpes (advised by UI Investissement), FCPR Impact&Performance, Rhône Dauphiné Développement, along with strategic partners such as L-Acoustics, Pochet Group, and private investors.
“With this support for MagREEsource, the SPI fund is backing the pre-industrialisation of a disruptive technology that is crucial to the energy transition value chains. The production of permanent magnets poses a significant industrial challenge, and it is vital to develop innovative and competitive capacity in this sector in France. The process developed by MagREEsource is both efficient and environmentally friconcludely, paving the way for a new industrial sector rooted in the region,” states Magali Joëssel, Director of the SPI Fund at Bpifrance.
Fund utilisation
The funds will support MagREEsource’s industrial roadmap, including the commercialisation of its second-generation circular process – the short Fusion loop – and the design of the future MagFactory, planned for 2028.
This new facility will reach an annual production capacity of 1,000 tonnes and has been officially recognised as a ‘European Strategic Project’ under the Critical Raw Materials Act.
“MagREEsource demonstrates that technology and the circular economy can address sovereignty issues,” states Erick Petit, co-founder of MagREEsource. “We are proud to lead a reindustrialisation project in France that creates high added-value jobs.”
MagREEsource: Developing magnets sustainably
The permanent magnet market is central to several strategic challenges. Current geopolitical tensions emphasise the required to develop a sovereign and sustainable European industest.
The Chinese monopoly over the entire magnet value chain creates export restrictions particularly impactful, jeopardising European industest and threatening our energy transition since April 2025.
Here’s where MagREEsource comes in!
MagREEsource, a spin-off from the CNRS/Institut Néel in Grenoble, was founded in 2020 by Sophie Rivoirard and Erick Petit.
Building on 30 years of research and development, MagREEsource specialises in patented technologies for producing permanent magnets utilizing rare earth materials.
MagREEsource is developing a sustainable way to create permanent magnets, which is important for Europe’s green and digital transition.
With proprietary clean-tech processes, the company produces high-performance magnets from recycled rare earths, dramatically reducing carbon impact and reshoring production capacity to Europe.
MagREEsource has been operating at its first site in Noyarey since December 2024, utilizing the short hydrogen loop technology and aiming for a capacity of 80 tons per year.
With a team of 50 employees, one-third of whom are dedicated to research and development, MagREEsource is positioning itself to meet the demands of the European industest and achieve a critical scale.
The company focapplys on markets including wind power, aeronautics, robotics, and defence, to become the European leader in magnet manufacturing.
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