The European Commission has approved funding for a new permanent magnet production line in Estonia. The project will be undertaken by Neo Performance Materials, the owner of both the Silmet plant and a magnet plant located in Ida-Viru County, Estonia. This investment aims to bolster the supply of crucial materials for various industries. The new production line will contribute to the EU’s efforts to secure its supply chain for permanent magnets, reducing reliance on external sources. Details regarding the amount of funding and the expected capacity of the production line were not immediately available. The development is expected to create jobs in the Ida-Viru County region of Estonia. This initiative signifies a strategic move towards greater self-sufficiency in critical materials within the European Union.