08:34 AM EDT, 07/09/2025 (MT Newswires) -- Neo Performance Materials ( NOPMF ) said Wednesday that it secured a contract to provide permanent rare earth magnets to a European supplier of electric vehicle traction motors, which counts a major original equipment manufacturer as a customer.

Neo said the magnets will be supplied by its new rare earth magnet facility in Narva, Estonia. It is estimated the commission will generate $50 million in cumulative revenues over the life of the project at current rare earth market prices. The company expects to begin commercial delivery of the magnets in mid-2026.