Vulcan Elements, founded in 2023 and based in North Carolina, manufactures sintered neodymium iron boron (NdFeB) magnets - powerful permanent magnets used in AI data centres, semiconductor equipment, electric vehicles, drones, robotics, satellites, and military platforms. The company is dedicated to rebuilding a domestic supply chain for rare earth magnets, a market in which China currently holds over 90% of global production. Vulcan Elements operates a 100% vertically integrated domestic supply chain.
The firm has secured substantial government backing to scale its operations. A $1.4 billion partnership with the US government includes 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. The company is constructing a planned 10,000-metric-tonne magnet production facility in Benson, North Carolina, which would be the largest magnet factory in the world outside of China.
Vulcan Elements was founded by John Maslin, a former US Navy officer and Harvard Business School graduate. Its magnets serve as essential components that convert electricity into motion across defence, advanced manufacturing, and clean-energy sectors.
