Mitsubishi Corp Invests in Nd-Fe-B Magnet Business

Mitsubishi Corporation announced on Wednesday the firm invests in Intermetallics, Japanese venture to develop permanent magnet established by President Masato Sagawa, an inventor of neodymium-iron-boron magnet. Mitsubishi Corp will acquire 750 shares in Intermetallics (19.2% in Intermetallics’ all issued shares) on 1 February, 2008 through a new share allocation by Intermetallics and become the secondly largest shareholder in the venture. Both corporations aim commercial production of high-performance Nd-Fe-B magnet.Nd-Fe-B magnet represents the strongest magnetic energy among all permanent magnets which is applied into motors of hybrid vehicles, energy-saving air conditioners, MRI machines, hard disc drives and cellular phones for downsizing and energy saving of these appliances. However, Nd-Fe-B magnet has a characteristic that the magnetic energy sharply declines under high temperature at above 100 degrees Celsius. To prevent the power down, Nd-Fe-B magnet requires addition of dysprosium, one of rare metals.Mr. Sagawa established Intermellics to develop new Nd-Fe-B magnet which maintains high magnetic energy under high temperature without dysprosium addition. Mitsubishi Corp supports commercial production and broad sales of new Nd-Fe-B magnet and procurement of rare earths, the main materials for Nd-Fe-B magnet, with an expectation the new magnet contributes to motors in electric vehicles and wind power generation systems.