[SMM Flash: Neo's First Magnet Plant in Europe Commences Operation] Neo Material Company's rare earth magnet plant in Estonia has officially commenced operations. This facility is Europe's first dedicated to large-scale production of rare earth magnets for the automotive and wind energy industries, with a project investment of $75 million.

According to foreign media reports, the plant officially began production on September 19, with an annual capacity target set at 2,000 mt. Neo stated that this capacity is sufficient to meet the magnet demand for over 1 million EVs or more than 1,000 offshore wind turbines. Notably, the magnet plant is located adjacent to Neo's rare earth separation facility in Estonia. Given that magnet demand is expected to triple over the next decade, Neo plans to gradually increase annual production to 5,000 mt to fully meet anticipated market demand.