Neo Performance Materials Integrated Magnet Project Selected for EU Grant

06:58 AM EDT, 10/20/2026 (MT Newswires) -- Neo Performance Materials' (NEO.TO) integrated magnet project was selected for a grant of up to 126 million euros under the EU Innovation Fund, the company said Monday. The European Climate, Infrastructure and Environment Executive Agency has invited Neo to prepare a grant agreement for its Green Assets from European Union Strategic Supply project. The project would support an expanded rare earth magnet value chain in Estonia spanning separation, metallization and magnet manufacturing. It includes adding up to 3,000 metric tonnes of permanent magnets per year, one-third of which would be allocated to EU offshore wind farms. The project value is currently estimated at about 400 million euros. Signature of the grant agreement is scheduled to occur by March 23, 2027. The project is expected to be completed in two to three years.