US EditionTrump administration puts $750M toward rare-earth magnets production
The U.S. government is providing $750 million in loans and equity to boost rare-earth magnet production, aiming to produce 10,000 metric tons of magnets, officials said.
- On Monday the U.S. Department of Commerce struck a preliminary agreement to take a $50,000,000 equity stake in Research Triangle Park-based Vulcan Elements, expanding its capacity to produce up to 10,000 metric tons of Neodymium Iron Boron magnets.
- Amid supply concerns, officials emphasize bringing manufacturing home, targeting equipment for domestic magnet production used in commercial manufacturers and defense systems.
- The expansion would be financed by a $620,000,000 direct loan from the Pentagon's Office of Strategic Capital, $50,000,000 in CHIPS and Science Act incentives, and $550,000,000 in private capital; Indiana-based ReElement Technologies would receive an $80,000,000 Pentagon loan matched by private capital to expand recycling.
- Vulcan Elements has already delivered magnets to defense and technology customers, and John Maslin, Chief Executive of Vulcan Elements, said `Now more than ever, we remain focused on execution and performance, so that we can deliver a capability that the nation urgently needs`.
- Final terms remain under discussion while recycling ramps up, as ReElement Technologies processes end-of-life magnets and electronic waste to boost long-term domestic supply resilience.
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BreitbartUS Government Backs Rare-Earth Magnet Startup With $1.4 Billion to Counter China
The U.S. government announced a $1.4 billion partnership Monday with Vulcan Elements and ReElement Technologies to build a domestic rare-earth magnet supply chain, marking one of the Trump administration’s most significant investments in reducing America’s dependence on Chinese critical minerals. The deal includes a $620 million direct loan from the Department of War’s Office of Strategic Capital to North Carolina–based Vulcan Elements, which wi…
Rare earth magnet company, critical mineral refinery strike deal with DOD, Commerce
North Carolina-based rare earth magnet maker Vulcan Elements and critical mineral refinery ReElement are teaming up with the federal government on a $1.4 billion partnership to scale up the companies’ domestic rare earth magnet supply chain, Inside Defense reports. The Defense Department will receive warrants -- options allowing the federal government rights to purchase a company’s stock for a predetermined price at a later date -- in both compa…
Trump administration puts $750M toward rare-earth magnets production
The Trump administration is putting nearly $750 million toward a deal to produce rare-earth magnets in the U.S. — and is once again taking shares of the companies to which it will dole out the cash. The partnership between the departments of Defense and Commerce and Vulcan Elements and ReElement Technologies seeks to enable 10,000…
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