Business Angels des Grandes Ecoles and Grenoble Angels invest €400,000 in MagREEsource to support the establishment of a sustainable permanent magnet production facility in Grenoble.

Target Information

MagREEsource, founded in 2020 as a spin-off from the CNRS-Institut Néel, is a Deeptech startup specializing in critical metals and permanent magnets. The company has successfully closed its first funding round, securing €5 million to establish a recycling and magnet production unit in Grenoble, with a capacity of 50 tons, set to begin operations in the second half of 2023. Founders Sophie Rivoirard and Erick Petit combine their technical and managerial expertise to drive the company’s vision of creating a greener world through industrial innovation.

MagREEsource aims to re-establish a sovereign supply chain for permanent magnets, employing hydrogen recycling processes and innovative manufacturing technologies. The startup targets the growing demand for rare earth magnets, which are vital components in numerous applications including electric vehicles, wind turbines, robotics, aerospace, and electronics, thereby contributing to the increasing electrification necessary for achieving carbon neutrality.

Industry Overview in France

The French industry surrounding critical metals and permanent magnets is undergoing a significant transformation as the nation seeks to strengthen its technological independence and promote sustaina