Neo Performance Materials, headquartered in Toronto, announced that it had secured additional orders to supply rare earth magnets for EV traction motors, further expanding its customer base. The orders were from a well-known European Tier 1 supplier of EV traction motors, and the magnets will be produced at Neo's new facility in Narva, Estonia. This facility has already commenced production and shipping of samples to fulfill contractual obligations for automotive platforms, with commercial deliveries expected to commence in mid-2026. Neo's new facility in Europe is the company's first sintered magnet plant in operation outside of Asia, serving the EV, industrial power tools, and offshore wind sectors in Europe and North America. The plant also plans to expand into non-traction motor applications to meet the growing demand for localized supply chains. The initial production capacity is 2,000 mt per year, with plans to expand to 5,000 mt per year.