Render of Niron's future rare earth-free manufacturing facility in Sartell, Minn. Image: Niron Magnetics

The Pentagon’s Office of Strategic Capital (OSC) on August 7 said it signed a $150 million conditional loan commitment with Niron Magnetics, Inc., to scale the company’s permanent magnets that are made with Iron Nitride rather than rare earth elements. The pending loan, which is subject to Niron satisfying financial, technical and legal requirements, is part of the Defense Department’s ongoing efforts to bolster domestic supply chains for critical minerals and materials and ween the U.S. defense industry off of…