North Carolina Gov. Josh Stein announced Vulcan Elements Inc., a manufacturer of rare earth magnets, will invest $918.1 million in the town of Benson to expand its magnet production capacity and establish the largest magnet factory in the world outside of China. The company will add 1,000 new jobs to Johnston County.
“The confidence that Vulcan Elements has to expand to Johnston County is proof that we have the right assets to help innovative start-ups scale their businesses,” said Governor Josh Stein. “With semiconductor chips, batteries, and now magnets, North Carolina is building an innovation and manufacturing hub that will drive the economy of the future.”
Vulcan Elements opened its first facility in the Research Triangle Park to manufacture Neodymium Iron Boron rare earth magnets. These magnets convert electricity into motion and are required components for virtually all electronic devices. Along with semiconductors and batteries, rare earth magnets are critical components for almost all technologies that use motors, sensors, generators, or actuators – from hard disk drives, robotics, and drones to satellites, submarines, and nearly every defense system. The accelerating demand for advanced technologies, including artificial intelligence (AI) data centers, robotics, electric vehicles, and military systems, will support the company’s expansion into a 1 million-square-foot site in Benson. This manufacturing plant will achieve 10,000 metric tonnes of magnet production capacity and play a critical role in reshoring the magnet supply chain…