TORONTO, Aug. 6, 2024 /CNW/ - Neo Performance Materials Inc. ("Neo" or the "Company") (TSX: NEO) announced today that its wholly-owned subsidiary in Estonia, NPM Narva OÜ ("Magnequench Sintered Magnets"), has been awarded the supply of sintered rare earth magnets to a leading European Tier 1 supplier of electric vehicle ("EV") traction motors. The award volumes represent approximately 35% of the finished magnet capacity of the new European facility being built by Magnequench Sintered Magnets. Production revenues are projected for the second half of 2026 through 2033, with peak supply to the customer expected in 2029.
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