Vulcan Elements, a young Triangle startup that aims to carve into China’s control of rare earth magnet production, has received more than $1 billion between private investors and the U.S. government to build its first major commercial facility.
This funding includes a $620 million loan from the Department of War (formerly the Department of Defense) and a $50 million grant through the CHIPS and Science Act. Under an agreement announced Monday, the U.S. Department of Commerce will take a $50 million equity stake in the North Carolina company.
“Our investment in Vulcan Elements will accelerate U.S. production of rare earth magnets for American manufacturers,” Commerce Secretary Howard Lutnick said in a statement…