U.S. Rare Earth Magnet Facility by Vulcan Elements

planned

Prospective

Vulcan Elements, a North Carolina company, has secured over $1 billion in public and private investment to build a rare earth magnet facility in the United States. The facility will produce 10,000 tons of rare earth magnets annually, which are critical components for electric vehicles, defense systems, and other applications. The project aims to reduce U.S. dependence on Chinese supply chains for critical minerals. The facility will be built, commissioned, and operated in the U.S., with financing largely from the federal government, including a $620 million direct loan from the Department of Defense's Office of Strategic Capital, $50 million in federal incentives from the Department of Commerce, and $550 million in private capital. Vulcan Elements is partnering with ReElement Technologies to develop the facility, which will also focus on recycling end-of-life magnets and electronic waste.

Manufacturing

United States of America (USA)

North Carolina

The Business Journals

Project

Manufacturing (Industrial), Electric Vehicles (EVs), Aerospace & Defense, Automotive, Government, Residential, Commercial