Vulcan Elements is a North Carolina-based manufacturer of rare earth magnets, founded in 2023 with a mission to rebuild America's domestic supply chain for these critical materials. The company operates facilities in Durham and Benson, North Carolina, and is focused on producing sintered permanent neodymium iron boron (NdFeB) magnets - powerful components essential to advanced technologies such as AI data centers, semiconductor fabrication equipment, drones, robotics, satellites, electric vehicles, and military platforms.
The company addresses a significant strategic vulnerability: global rare earth magnet manufacturing is over 90% dependent on China. Vulcan Elements is developing a planned facility with a capacity of 10,000 metric tonnes to help establish domestic production. The company secured a $1.4 billion partnership with the United States Government, including a $620 million Direct Loan from the Department of War's Office of Strategic Capital and $50 million in federal incentives from the Department of Commerce.
Its industry verticals span defense, semiconductor fabrication equipment, drones, robotics, satellites, electric vehicles, military platforms, AI data centers, warehousing, and logistics. The company was founded by John Maslin, a former U.S. Navy officer and Harvard Business School graduate.
