COSMAG aims at the development of a next-generation permanent magnet (PM), with no content of critical raw elements, that can be found naturally only in some meteorites: L1₀-ordered FeNi. Theoretical predictions show its potential to compete with the best PMs used in current technology: rare earth (RE)-based NdDyFeB. The primary objective will be to increase the atomic mobility of Fe and Ni using non-equilibrium methods, thus forming L1₀-FeNi on industrial time scales. COSMAG will address the problematic that Europe is facing to achieve a sustainable technological development with no bottleneck risk originated from the lack of resources and the monopoly by Asia on REs. The project will count with the joint effort of research institutes (IMDEA Nanociencia, IFW, TUC, IPSAS) and industry (IMA). The proposed RE-free PM alternative will impact straightforward on technology development (electromobility, renewable energy technologies…) and patents in Europe, and will propel EU small and medium-sized enterprises (SME) and strengthen large enterprises (LE).