Northeast Minneapolis-based magnet maker Niron Magnetics is expanding into central Minnesota.

On Tuesday, the Sartell City Council announced that it has reached a purchase agreement with the company for 79 acres of public land. It’s there that Niron plans to build a 150,000-square foot manufacturing facility that’s expected to employ at least 175 people.

A news release issued by the city noted that Niron evaluated over 75 sites before landing in Sartell.

“The community has built a welcoming environment for both our business and our future employees, making it the perfect location for Niron to put down our roots and expand into our next phase,” Niron Magnetics CEO Jonathan Rowntree said in the release.

Founded a decade ago, Niron is developing a specific kind of permanent magnet that doesn’t require rare earth metals. Permanent magnets have a wide range of uses these days, including in disk drives, refrigerators, audio equipment, and, perhaps most consequentially, in electric vehicles. Yet most permanent magnets these days require rare earth metals, which are largely produced in China, and their production can generate mass amounts of toxic waste. Niron says it solves that through “clean earth magnets,” which are instead derived from iron nitride.

Niron has already captured the interest of several big-name investors, including big automakers GM, Volvo, and Stellantis. South Korean manufacturing giant Samsung also invested in the company.

Niron’s new plant will be located on the wider 167-acre Champion Plat that the city of Sartell purchased last year.

Niron’s purchase agreement now “kicks off a 180-day due diligence period” between the city and company, according to the city. During that time, the two entities will negotiate a “subsidy agreement.” The city will also host three listening sessions and one public hearing.

“Sartell’s investments in creating a livable, sustainable community align perfectly with our values and vision for supporting GreenTech businesses in Minnesota,” Niron CEO Rowntree said.