Advanced Magnet Lab Inc. Announces Commercial Manufacturing Plan for Permanent Magnets in the United States

MELBOURNE, Fla., Dec. 15, 2023 /PRNewswire/ — Advanced Magnet Lab, Inc. (“AML” or the “Company”) a recognized leader in the development of innovative magnet technologies, has announced a successful year of advancing its technology, capabilities, and strategic relationships for positioning into commercial manufacturing of permanent magnet products.

AML’s manufacturing capabilities are built on the backbone of its technology, PM-Wire™, which is a scalable and modular, manufacturing process, that has ability to produce non-sintered and sintered permanent magnets at a high-rate and high-yield. The process is adaptable to a variety of applications, including those that benefit from magnets in unique configurations and material compositions, such as electric motors.

The Company’s first step into high-rate commercial manufacturing will be non-sintered permanent magnets for select commercial and defense customers. AML has several development programs underway for enabling electric motor applications, including a collaboration with Oak Ridge National Laboratory (ORNL) for an electric vehicle motor. AML plans to co-locate manufacturing with customers or supply chain partners, with preliminary discussions underway with several United States jurisdictions for site locations.

The collaboration with ORNL is a gleaming example of the value of PM-Wire™. The technology will replace 2,750 complex Halbach array sintered magnets with eight non-sintered helical magnets and eliminate the need to actively cool the motor rotor with equal motor performance. AML envisions this demonstration as a potential springboard into commercial automotive applications.

Additionally, the Company has several other active programs with commercial entities providing for similar benefits to the end-use applications in industrial generators, aerospace, and defense.

Going forward, the Company will continue to expand its development programs and explore new material compositions for sintered and non-sintered magnets at its two locations, on the Space Coast, in Brevard County, Florida. These locations, which encompass approximately 10,000 square feet, will continue to support customers with prototyping and research and development for alloys and magnets.

AML foresees scaling manufacturing organically in 2024 through strategic partnerships with both customers and material providers. By example, at its current locations in Florida, the Company can support an output of approximately 200 mtpa of permanent magnets.

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About Advanced Magnet Lab, Inc. (AML)
Founded in 1995, AML is a recognized leader in the development of innovative magnet technologies and magnet-based applications. Today, AML is executing on multiple product development programs including magnet materials and PM-Wire™ based motors and generators for industrial, aerospace and defense. This includes projects funded by large industry, U.S. Department of Energy and U.S. Department of Defense.

Cautionary Information Regarding Forward-Looking Statements
Forward-looking statements contained in this press release are made under the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995. Any such statements are subject to risks and uncertainties that could cause actual results to differ materially from the anticipated. The information contained in this release is as of December 12, 2023. Advanced Magnet Lab, Inc. assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

Media Contact:
Wade Senti
(321) 728-7543

SOURCE Advanced Magnet Lab, Inc