Nanoparticle iron nitride permanent magnet manufacturing facility funding provided, and money appropriated.

This bill allocates $50 million from Minnesota's forward fund to support the construction and operation of a nanoparticle iron nitride permanent magnet manufacturing facility. The funding is intended to match existing federal money available under the Consolidated Appropriations Act of 2026 and is managed by the commissioner of employment and economic development. The money must be spent by June 30, 2030, with up to two percent reserved for administrative costs, and any unused funds will be returned to the general fund. This one-time appropriation is exempt from certain state spending requirements and directly affects the state's economic development efforts in advanced manufacturing.