Not to be confused with Vulcan Materials Company.
Vulcan Elements
Private
IndustryRare earth magnets
Founded2023 (age 3)
Hq locationResearch Triangle Park, North Carolina, U.S.
Key people
  • John Maslin (CEO and founder)
  • Jake Bowles (COO)
  • Piotr Kulik (CTO)
  • Scott Glover (CCO)
ProductsNeodymium magnets
Production (2025)10 metric tons
Num employees (2025)30
Websitevulcanelements.com

Vulcan Elements is a startup manufacturer of rare earth magnets located in Durham, North Carolina.

In November 2025, the Pentagon's Office of Strategic Capital under the second Donald Trump administration granted the company the largest loan it had ever made, at $620 million.[1][2]

Production

Vulcan Elements currently produces sintered neodymium magnets.[3][4][5][6] As of October 2025, its production capacity is around 10 metric tons per year.[7][8]

History

Vulcan Elements was founded in Boston in 2023 by former U.S. Navy officer and nuclear propulsion lab financial manager John Maslin, alongside Piotr Kulik, with the intention of competing with rare earth magnet manufacturers based in China.[3][9][10] Maslin was studying at Harvard University when he started the business.[3]

The company opened its first manufacturing facility on March 31, 2025.[3][11] The opening of the plant was attended by academic, political, and military leaders, including Leonardo Williams, Pat Harrigan, Chris Miller, Nadia Schadlow, Josh Stein, and Ted Budd.[5][12][13][14]

Record loan by the Pentagon

In August 2025, the company raised $65 million from private investors such as Altimeter Capital, One Investment Management, and 1789 Capital.[9][15][16][17][18] It also secured orders and a multimillion dollar contract from the Pentagon.[1][19][9][20][21][7] In November 2025, the Pentagon announced that its Office of Strategic Capital had awarded a $620 million dollar loan to Vulcan Elements, and that the Department of Commerce had an additional $50 million in equity.[2][22] The Pentagon said that the $620 million dollar loan was funded by the One Big Beautiful Bill Act,[2][23] and that the $50 million investment used funds provided by the 2022 CHIPS and Science Act.[2] Vulcan Elements said the money would go to increasing their production capacity to 10,000 metric tons per year.[24]

In August 2025, 1789 Capital, a venture capital firm backed by Donald Trump Jr., invested in Vulcan Elements. Three months later, Vulcan Elements received a $620 million loan from the U.S. Department of Defense to increase the supply of magnets for industries.[2] This was the largest loan given by the Pentagon’s Office of Strategic Capital. The deal raised conflict of interest questions related to Trump Jr.'s relationship with the second Donald Trump administration.[1][19][25][26] In contrast to other companies that the Pentagon was considering funding at the time, it was the Trump administration that specifically requested that Vulcan Elements be funded. Investigative journalism by ProPublica revealed that it was Peter Navarro, a top aide to Trump and a friend of Trump Jr.'s, who made the request that Vulcan Elements be funded, just three months after Trump Jr. invested in the company.[27] According to ProPublica's reporting, the Trump administration requested that the Pentagon move unusually swiftly on the loan to Vulcan Elements.[27] Navarro and Trump Jr. are close friends, with the latter visiting Navarro in prison related to his role in the January 6th attack on the Capitol.[27]

Neither 1789 Capital nor Vulcan Elements have disclosed what the precise stake of 1789 Capital is in Vulcan Elements.[27] After the Pentagon loan, the valuation of Vulcan Elements increased from $200 million to $2 billion.[27] The founders of Vulcan Elements said they received no political favoritism.[27] Trump Jr. has said that he no played on role in the deal between the Pentagon and the company.[27]

Key people

John Maslin is the CEO and founder. Piotr Kulik is CTO. Scott Glover is CCO. Joe Croteau is vice president for research and development. Jonah Glick-Unterman is chief of staff.[28] Jake Bowles is COO.[29][30][31]

Supply chain

Vulcan Elements aims to source its materials and equipment exclusively from companies that are based in the United States or allies,[32] and whose supply chains do not involve business entities based in China.[5][9] Companies in their supply chain include ReElement Technologies in Indiana,[33][34] Consarc in New Jersey,[5] and Energy Fuels in Denver, Colorado.[35][36][37]

Facilities

The company's primary facility for both manufacturing and research and development (R&D) is located in the Research Triangle Park in North Carolina.[3] Around 30 employees work there.[1] The facility interior encompasses 21,000 sq ft (2,000 m2) and is equipped with a Consarc strip casting furnace.[5] Its process is validated by the Ames National Laboratory.[9]

Vulcan Elements plans to construct a new magnet factory in Benson, North Carolina, a small town about 40 minutes outside of Raleigh and about 30 minutes from Fort Bragg. This new location is expected to create around 1,000 jobs in the area. They chose North Carolina as the location of the new factory in part because of financial incentives from the state government,[31] including payroll tax breaks and subsidized workforce training through the state's Job Development Investment Grant.[10][13][38][39][40][41][42] Johnston Community College also received a $3.6 million dollar Golden LEAF Foundation grant to train new employees at the company's Advanced Manufacturing Training Facility in Four Oaks, North Carolina, starting in summer 2026, to prepare for the launch of the factory in Benson.[43][44][45][46][47]

See also

References

  1. ^ Rogers, Alex & Miller, Joe (2025-12-09). "Donald Trump Jr-backed start-up scores $600mn US federal government deal". Financial Times. Archived December 3, 2025 at the Wayback Machine. Retrieved 2025-12-09.
  2. ^ "Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies". U.S. Department of War. 2025-11-21. Retrieved 2025-12-12.
  3. ^ Gordon, Brian (2025-04-16). "Triangle startup says it has an answer to America's rare earth magnet problem". The News & Observer. Retrieved 2025-10-26.
  4. ^ Lázaro, Isbel (2025-08-14). "The Vulcan Elements rare earth magnet plant". inspenet.com. Retrieved 2025-10-27.
  5. ^ "Vulcan Elements Opens Pilot Plant for Producing Rare Earth Magnets; Consarc Strip-Casting Furnace Installed". Magnetics Magazine. 2025-08-05. Retrieved 2025-10-27.
  6. ^ Stutt, Amanda (2025-08-22). "Vulcan Elements enters US rare earth magnet manufacturing race". MINING.COM. Retrieved 2025-10-27.
  7. ^ Swanson, Ana (2025-11-25). "$10 Billion and Counting: Trump Administration Snaps Up Stakes in Private Firms". The New York Times. Retrieved 2025-12-12.
  8. ^ Price, Jay (2025-10-14). "U.S. works to secure rare earth supply chain as China tightens grip amid trade war". NPR. Retrieved 2025-10-31.
  9. ^ Judson, Jen (2025-08-25). "Vulcan Elements wins Pentagon deals as $65M round fuels expansion". Defense News. Retrieved 2025-10-26.
  10. ^ Eanes, Zachery (2025-11-18). "A startup making rare-earth magnets will open a 1,000-job factory in North Carolina". Axios. Retrieved 2025-12-13.
  11. ^ "Vulcan Elements Holds Grand Opening of Small-Scale Commercial Manufacturing and R&D Facility: March 31, 2025". AUVSI. 2025-04-03. Retrieved 2025-10-27.
  12. ^ "Vulcan Elements Holds Grand Opening of Small-Scale Commercial Manufacturing and R&D Facility". Vulcan Elements. 2025-03-31. Retrieved 2025-10-27.
  13. ^ Gordon, Brian (2025-11-18). "NC rare earth magnet maker picks Johnston County for $918 million, 1,000-job plant". The News & Observer. Retrieved 2025-12-13.
  14. ^ "Budd Delivers Remarks Celebrating Vulcan Elements $1B Investment in N.C. to Reshore Rare Earth Magnet Industry". U.S. Senator Ted Budd. 2025-11-18. Retrieved 2025-12-13.
  15. ^ Massa, Annie (2025-08-26). "Malik's 1789 Said to Back Defense, Rare-Earth Magnet Startups". Bloomberg. Retrieved 2025-10-24.
  16. ^ Miao, Hannah (2025-08-11). "Rare-Earth Magnet Maker Raises $65 Million in Push to Counter China". The Wall Street Journal. Retrieved 5 September 2025.
  17. ^ Gordon, Brian (2025-08-11). "Triangle firm raises $65 million to combat China's control of rare earth magnets". The News & Observer. Retrieved 2025-09-05.
  18. ^ "Vulcan Elements Announces $65 Million Series A, and Produces High-Performance Rare Earth Magnets in the United States". Vulcan Elements. 2025-08-11. Retrieved 2025-12-30.
  19. ^ Northey, Hannah (2025-12-11). "'Never met Donald Trump Jr.': Mineral startup denies political favoritism". Politico Pro. Retrieved 2025-12-13.
  20. ^ Somerville, Heather (2025-11-03). "Rare-Earth Magnet Startups Seal $1.4 Billion Deal With Trump Administration". The Wall Street Journal. Retrieved 2025-12-13.
  21. ^ Primack, Dan & Demarest, Colin (2025-08-11). "Vulcan raises $65 million to onshore rare-earth magnets". Axios. Retrieved 5 September 2025.
  22. ^ "Trump administration and private investors sign off on $1.4 billion deal with rare earth startups". AP News. 2025-11-04. Retrieved 2025-12-15.
  23. ^ Deaux, Joe & Eastland, Maggie (2025-11-03). "US Looks to Invest in Rare-Earth Firms in Race With China". Bloomberg. Retrieved 2025-12-12.
  24. ^ "Vulcan Elements Forges $1.4 Billion Partnership with the United States Government and ReElement Technologies to Expand 100% Vertically Integrated, Domestic Magnet Supply Chain". Vulcan Elements. 2025-11-03. Retrieved 2025-12-13.
  25. ^ Reed, Brad (2025-12-08). "Another Trump Jr.-backed company receives massive Pentagon deal". Asia Times. Retrieved 2025-12-10.
  26. ^ Kahn, Rachel (2025-12-04). "Trump Jr.-Backed Company Cashes In on Massive Pentagon Contract". The New Republic. ISSN 0028-6583. Retrieved 2025-12-10.
  27. ^ Faturechi, Robert (2026-05-28). "The White House Intervened to Get a $620 Million Deal for a Company Tied to Donald Trump Jr.". ProPublica
  28. ^ "Rare Earth Magnets for a Resilient Future". Vulcan Elements. 2024-06-21. Retrieved 2025-12-25.
  29. ^ "Rare Earth Magnets for a Resilient Future". Vulcan Elements. Archived 2025-11-07 at the Wayback Machine. Retrieved 2025-12-25.
  30. ^ McLellan, Lisa (2025-07-16). "Smarter Manufacturing with Vulcan Elements CEO John Maslin and COO Jake Bowles - LIFT". LIFT. Retrieved 2025-12-25.
  31. ^ Wagner, Adam (2025-11-18). "Vulcan Elements announces plans to build world's largest magnet factory outside of China in Benson". WUNC. Retrieved 2025-12-25.
  32. ^ "The next industrial revolution; how Vulcan Elements makes NC the backbone of vital global market". WRAL. 2025-12-22. Retrieved 2025-12-25.
  33. ^ "Vulcan Elements secures non-Chinese rare earth supply from ReElement". Mining Technology. 2025-08-19. Retrieved 2025-09-05.
  34. ^ Scheyder, Ernest (2025-08-18). "Vulcan Elements signs rare earths supply deal with ReElement Technologies". Reuters. Retrieved 2025-09-05.
  35. ^ "Energy Fuels and Vulcan Elements Join Forces to Advance U.S. Rare Earth Magnet Security". Energy Fuels. Energy Fuels Inc. Retrieved 2025-12-14.
  36. ^ "Energy Fuels and Vulcan Elements Join Forces to Advance U.S. Rare Earth Magnet Security". Vulcan Elements. 2025-08-26. Retrieved 2025-12-14.
  37. ^ Das, Madhurima (2025-08-27). "Can UUUU and Vulcan Elements Strengthen U.S. Rare Earth Magnet Supply?". Nasdaq. Zacks. Retrieved 2025-12-14.
  38. ^ "Incentive package of $120.2M, War Department loan of $620M buoy Vulcan in Benson". Carolina Coast Online. 2025-11-20. Retrieved 2025-12-13.
  39. ^ Cockayne, Vaughne (2025-11-20). "Rare-earth magnet maker to build $1B factory in North Carolina in bid to expand domestic supply". The Washington Times. Retrieved 2025-12-13.
  40. ^ "Johnston County Selected For 1,000-Job Magnet Factory, Nearly $1 Billion Investment In Benson". Johnson County Report. 2025-11-18. Retrieved 2025-12-13.
  41. ^ Scheyder, Ernest (2025-11-18). "Rare earth magnet startup Vulcan Elements to build $1 billion North Carolina plant". Reuters. Feast, Lincoln (ed.). Retrieved 2025-12-14.
  42. ^ "Governor Stein Announces Vulcan Elements Selects Johnston County for 1,000-Job Magnet Factory, Investing Nearly $1 Billion in the Town of Benson | NC Governor". governor.nc.gov. Retrieved 2025-12-14.
  43. ^ "JCC Receives $3.6 million GoldenLEAF Foundation Grant to Prepare Workforce for Vulcan Elements". Johnston Community College. 2025-11-24. Retrieved 2025-12-14.
  44. ^ "Project Polaris-Johnston County". Golden LEAF Foundation. 2025-11-18. Retrieved 2025-12-14.
  45. ^ "Johnston Community College gets $3.6M GoldenLEAF grant". The Daily Record. 2025-11-24. Retrieved 2025-12-14.
  46. ^ "JCC Receives $3.6 Million Grant To Prepare Workforce For Vulcan Elements". Johnston County Report. 2025-11-24. Retrieved 2025-12-14.
  47. ^ "Vulcan Elements Selects Benson, North Carolina, for $1 Billion Magnet Facility". Vulcan Elements. 2025-11-18. Retrieved 2025-12-14.