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« Company Overview
49,950
2024-10-01 to 2025-03-31
Collaborative R&D
ProMaterial LTD is embarking on an innovative project to transform the manufacturing of rare earth magnets, focusing on the Precision Processed Material stage. Rare Earth Magnets, composed of neodymium-iron-boron (NdFeB), are known for their exceptional magnetic strength and compact size, making them crucial in sectors such as electric vehicles, robotics, and renewable energy. **Innovation:** ProMaterial aims to produce cheaper, higher-performing, and more sustainable permanent magnets in the UK using AI-driven manufacturing processes. Unlike traditional methods that rely on manual trial-and-error, our approach leverages AI visualization solutions to select optimal cutting and grinding techniques, predict outcomes, and continuously improve processes. We will upgrade existing equipment with environmentally friendly water-based mediums and high-precision diamond wire cutting to enhance safety, precision, and efficiency. **The Market:** The demand for rare earth magnets is projected to outpace supply, with the market expected to reach 300,000 tons and a global CAGR of 35.2% from 2022-2025\. However, the rare earth metals required to produce these magnets, such as neodymium and dysprosium, are vulnerable to supply chain issues. Our solution will mitigate these risks by establishing a resilient UK-based supply chain. We aim to capture 9% of the market share, translating to approximately £900 million in revenue over the next five years. **Outputs:** Our innovations will reduce material costs by over 30% and decrease machining operation costs to 20% of traditional methods. This will enable the production of over 10 tons of magnets annually, reducing carbon emissions by 20 tons per year. This production will support 5,000 new energy vehicles or 10 MW of wind power, generating £600,000 in revenue. Additionally, AI-powered materials machining systems will impact not only magnetics but the entire field of materials science, applicable to various types of material manufacturing. **Impacts:** * Economic: ProMaterial contributes to supply chain resilience and anticipates a 10-15% increase in material exports to the EU and global market in the long term. Customers, especially in the UK and EU, will benefit from lower prices and high-quality rare earth magnets, extending their capacity to generate more products. * Social: Creating 50+ jobs in Wales, with a workforce comprising 40% female and 20% LGBT representation. * Environmental: Aligning with Wales' low-carbon economy goals, reducing material carbon emissions by 18 tons per year for every 10 tons produced, and supporting sustainable industrial practices.