Scientists at the United States Department of Energy's Ames Laboratory have created a new magnetic alloy that could be an inexpensive alternative to traditional rare-earth permanent magnets. The new alloy has the ability to replace high-performance permanent magnets that are usually found in automobile engines.

According to reports, while creating the new alloy, the researchers did not use rare earth elements, dysprosium. In spite of that, they used cerium, which is the most abundant rare earth element.

The new alloy is made up of iron, neodymium and boron co-doped with cerium and cobalt. The discovery was made by Ames Laboratory by post-doctoral researcher Arjun Pathak and Mahmud Khan. The materials that the researchers have used to make the alloy are about 20 to 40% cheaper than the dysprosium-containing magnets.

In addition, the alloy is able to resist demagnetization at very high temperatures. According to the reports, the alloy performed well that any other material at a temperature of about 150 Degree Celsius.

Gschneidner, scientist at the Ames Laboratory, said, "This is quite exciting result; we found that this material works better than anything out there at temperatures above 150° C. It's an important consideration for high-temperature applications".