Vulcan Elements' New Factory Boosts U.S. Rare Earth Magnet Production

Vulcan Elements, a North Carolina startup, is set to build a massive rare earth magnet plant in Johnston County, aiming to reduce U.S. dependence on Chinese suppliers. Securing over $1 billion, including a $620 million loan from the Department of Defense and a $50 million federal grant, Vulcan could create 1,000 high-paying jobs by 2029. The company, co-founded by a Navy veteran, is bolstering national security and critical manufacturing in the U.S. DNN | The Daily News Now! The world’s first global local news network. Every city. Every story. AI powered. Hosted on Acast. See acast.com/privacy for more information.