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Rare earth magnets JV for wind turbines

Siemens and Lynas Corporation Ltd are planning a joint venture (JV) to produce neodymium based rare earth magnets for drive train applications and wind turbine generators.

By Renewable Energy Focus staff

Lynas will prove the raw materials for the drive train and wind turbine magnets.

Ralf-Michael Franke, CEO of Siemens Drive Train Technologies, says: “This planned joint venture has strategic importance for us to secure a long-term and stable supply with high performance magnets.”

Lynas’ Executive Chairman, Nicholas Curtis, adds: “It is clear that rare earths magnets have tremendous growth potential in this field, and Lynas is pleased to be able to provide the necessary ingredients of a stable, secure, economically and environmentally sound supply chain which is required to enable this market to grow to its full potential.”

Siemens will have a 55% stake and Lynas 45% in the drive train and wind turbine magnets JV.

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Energy infrastructure  •  Wind power