Applications of nanomaterials will become the leading technology during the next decades of this century. The composite nanomagnet, which has better features, lower cost and is less demanding of rare earth elements, is a new type of permanent magnetic material. It has become one of the important developments of the nanomagnet generator. In this paper, we apply this nanomagnet in a magnetic setback generator and simulate its electromotive force using COMSOL Multiphysic, comparing it with traditional generators. We find it is better than the traditional option in performance, with obvious advantage in respect of cost.