Michal at the opening of NEO’s magnet plant: The future of Europe’s competitiveness is being built in Ida-Viru County

Michal at the opening of NEO’s magnet plant: The future of Europe’s competitiveness is being built in Ida-Viru County
Photo: Carl-Robert Kagge

“With this investment, Estonia is now at the very heart of Europe’s rare earth magnet manufacturing. The magnets made here will power electric vehicles, wind turbines, and the green technologies of tomorrow. The future of Europe’s competitiveness is being built here, in Ida-Virumaa,” said the prime minister.

The new magnet plant, built at record speed, will help to reduce dependence on China for rare earth metals and increase the reliability of EU supply chains. In its first stage, the factory will create 300 permanent jobs, with the number potentially growing to 1,000 in the future.

According to Kristen Michal, this project will benefit both Europe, which will strengthen its technological sovereignty, and Estonia, whose visibility as a trusted hub for innovation worthy of investments will grow even further. Several hundred new jobs mean a new chapter for the people of Narva and Ida-Viru County as a whole. As oil shale declines, the magnet factory creates new opportunities for the local workforce.

The establishment of the plant in Narva was made possible through strong cooperation between the European Union’s Just Transition Fund, the Estonian state, and the city of Narva.