We have synthesized ferromagnetic Heusler alloy Ni2FeGa using the melt-spinning technique. The Ni2FeGa ribbon, having a high chemical ordering L21 structure, exhibits a thermoelastic martensitic transformation from cubic to orthorhombic structure at 142 K and a premartensitic transformation. The alloy has a relatively high Curie temperature of 430 K, a magnetization of 73 Am2/kg, and a low saturated field of 0.6 T. The textured samples with preferentially oriented grains show a completely recoverable two-way shape memory effect with a strain of 0.3% upon the thermoelastic martensitic transformation.

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