Nanoparticle iron nitride permanent magnet manufacturing facility appropriation

This bill allocates $50 million from the Minnesota Forward Fund to support the construction and operation of a nanoparticle iron nitride permanent magnet manufacturing facility. The funds are intended to match existing federal money available through the Consolidated Appropriations Act of 2026 and will be managed by the commissioner of employment and economic development. Up to two percent of the appropriation may be used for administrative costs, and any unspent money will be returned to the general fund by June 30, 2030. The legislation is designed to promote economic development by establishing this specific manufacturing capability in Minnesota.