Vulcan Elements

Vulcan Elements is a private American materials-technology startup focused on manufacturing rare-earth permanent magnets, particularly sintered neodymium magnets. The company was founded in Boston in 2023 by John Maslin, a former U.S. Navy officer and financial manager at a nuclear-propulsion laboratory, and Piotr Kulik. Maslin began the business while studying at Harvard University. Its stated strategic purpose is to build a domestic alternative to a rare-earth magnet supply chain heavily concentrated in China, with an emphasis on sourcing materials, equipment, and other inputs from the United States and allied countries. The company established its initial manufacturing and research facility in Research Triangle Park, North Carolina. The approximately 21,000-square-foot site combines production and research-and-development activities and employs roughly 30 people according to the available reference material. Its equipment includes a Consarc strip-casting furnace, and its manufacturing process has been validated by Ames National Laboratory. Vulcan Elements opened the facility on March 31, 2025, at an event attended by academic, political, and military figures, reflecting the strategic importance attached to domestic magnet production for defense, electric vehicles, industrial machinery, and other technologies. As of October 2025, Vulcan Elements was producing sintered neodymium magnets at an estimated capacity of approximately 10 metric tons per year. The company has described plans to expand capacity substantially, targeting as much as 10,000 metric tons annually through a proposed large-scale factory in Benson, North Carolina. The planned facility is expected to create about 1,000 jobs. North Carolina incentives, including payroll-tax support and subsidized workforce training through the state's Job Development Investment Grant, were cited as factors in selecting the location. Johnston Community College also received a Golden LEAF Foundation grant to help establish an advanced-manufacturing training program for prospective employees. Vulcan Elements raised $65 million from private investors in August 2025, including Altimeter Capital, One Investment Management, and 1789 Capital. It also obtained defense-related orders and a multimillion-dollar Pentagon contract. In November 2025, the Pentagon's Office of Strategic Capital announced a $620 million loan, described in the reference material as the office's largest such loan, while the Department of Commerce announced an additional $50 million equity investment. The loan was associated with the One Big Beautiful Bill Act, and the Commerce investment used funding connected to the CHIPS and Science Act of 2022. Vulcan Elements said the financing would support expansion to the planned 10,000-metric-ton annual capacity. The government financing attracted scrutiny because 1789 Capital, an investment firm backed by Donald Trump Jr., had invested in Vulcan Elements shortly before the loan decision. ProPublica reported that Peter Navarro, a senior Trump administration adviser and an associate of Trump Jr., requested that the Pentagon fund the company and urged an unusually rapid process. Vulcan Elements' founders denied receiving political favoritism, and Trump Jr. said he did not play a role in arranging the transaction. Neither 1789 Capital nor Vulcan Elements disclosed the precise size of 1789 Capital's stake in the company. Following the Pentagon loan, the company's reported valuation rose from approximately $200 million to approximately $2 billion. These figures and the surrounding allegations remain part of the public controversy rather than an indication that the company is publicly traded.

Vulcan Elements was established in Boston in 2023 by John Maslin and Piotr Kulik. Maslin, the company's chief executive and a former U.S. Navy officer, had experience managing finances at a nuclear-propulsion laboratory and was studying at Harvard when he began the venture. The founders framed the company as a response to the strategic vulnerability created by the concentration of rare-earth magnet manufacturing in China. Their objective was to create a U.S.-based producer of permanent magnets while limiting exposure to Chinese-linked suppliers and equipment providers. The company's first operating base was developed in Research Triangle Park, North Carolina. The site serves both as a manufacturing plant and as a research-and-development center. It covers approximately 21,000 square feet and includes a Consarc strip-casting furnace. The process used at the facility was validated by Ames National Laboratory. Vulcan Elements formally opened the plant on March 31, 2025, in an event attended by representatives from academia, government, and the military. The facility initially employed approximately 30 people and produced sintered neodymium magnets. By October 2025, reported production capacity was about 10 metric tons per year. This initial scale was intended to support process development and customer qualification rather than compete immediately with the largest global manufacturers. The company planned a much larger factory in Benson, North Carolina, roughly between Raleigh and Fort Bragg. The proposed project was expected to create approximately 1,000 jobs and increase annual capacity to as much as 10,000 metric tons. North Carolina economic-development incentives, including payroll-tax benefits and workforce support under the state's Job Development Investment Grant, helped attract the project. A separate Golden LEAF Foundation grant to Johnston Community College supported plans for an advanced-manufacturing training facility in Four Oaks, with training expected to begin in summer 2026. Vulcan Elements expanded its financial base in August 2025 by raising $65 million from investors including Altimeter Capital, One Investment Management, and 1789 Capital. The company also secured defense-related orders and a multimillion-dollar Pentagon contract. In November 2025, the Pentagon's Office of Strategic Capital announced a $620 million loan, characterized in the available account as the largest loan made by that office. The Department of Commerce separately announced $50 million in equity financing. The loan was funded through provisions associated with the One Big Beautiful Bill Act, while the Commerce investment drew on resources connected to the 2022 CHIPS and Science Act. Vulcan Elements said the combined support would fund the expansion of its U.S. magnet-manufacturing capacity. The financing generated political and ethics questions because 1789 Capital had invested heavily in Vulcan Elements only a few months before the Pentagon announcement. ProPublica reported that Peter Navarro, a senior adviser in the second Trump administration and a friend of Donald Trump Jr., requested that the Pentagon fund Vulcan Elements and pressed for an unusually quick process. The reporting also contrasted the company's treatment with other businesses under consideration for Pentagon support. Vulcan Elements' founders rejected the suggestion that the company benefited from political favoritism. Trump Jr. stated that he did not participate in arranging the Pentagon deal. The exact ownership stake held by 1789 Capital was not publicly disclosed in the cited material. The company's reported valuation subsequently increased from around $200 million to around $2 billion. Vulcan Elements' supply-chain strategy remains central to its identity. It aims to source materials and equipment from American companies or allies and to avoid supply chains involving Chinese business entities. Cited suppliers and partners include ReElement Technologies in Indiana, Consarc in New Jersey, and Energy Fuels in Denver. The company's development therefore combines manufacturing ambitions with a broader industrial-policy goal: building a domestic and allied ecosystem for rare-earth magnet production used in defense systems, electric motors, renewable-energy equipment, and other advanced technologies.

• 2025

  Research Triangle Park facility opens

  [1]Vulcan Elementsen.wikipedia.org

  Vulcan Elements opened its first manufacturing and research facility in North Carolina on March 31.

• 2025

  Private financing and defense orders

  [1]Vulcan Elementsen.wikipedia.org

  The company raised $65 million in August and secured defense-related orders, including a multimillion-dollar Pentagon contract.

• 2025

  Record Pentagon loan announced

  [1]Vulcan Elementsen.wikipedia.org

  The Office of Strategic Capital announced a $620 million loan, accompanied by a $50 million Commerce Department equity investment, to support planned capacity expansion.

• 2023

  Company founded

  [1]Vulcan Elementsen.wikipedia.org

  John Maslin and Piotr Kulik founded Vulcan Elements in Boston to develop U.S.-based rare-earth magnet manufacturing.

A strategically oriented U.S. materials manufacturer seeking to reduce dependence on China-centered rare-earth magnet supply chains and serve defense, industrial, and advanced-technology customers.

• Rare-earth permanent magnets · 2025

  Sintered neodymium magnets

  Vulcan Elements' current production centers on sintered neodymium magnets, high-strength permanent magnets used in electric motors, industrial equipment, defense applications, and other advanced technologies. The company produces them at its Research Triangle Park facility, with reported capacity of approximately 10 metric tons per year as of October 2025. Its broader objective is to manufacture these magnets in the United States using a supply chain that excludes Chinese business entities where possible.

• 2025

  Conflict-of-interest questions over Pentagon financing

  The company's $620 million Pentagon loan drew scrutiny because 1789 Capital, a firm backed by Donald Trump Jr., had invested in Vulcan Elements shortly beforehand. ProPublica reported that Peter Navarro requested Pentagon support and encouraged an unusually rapid process. The founders denied receiving political favoritism, while Trump Jr. said he had no role in the transaction.

  Source

Read more

• 2025

  Choose North Carolina for initial and planned manufacturingStrategy

  Background

  Vulcan Elements sought a U.S. location for both pilot-scale production and a future large magnet factory, with access to technical talent, defense-related customers, and public workforce support.

  Action taken

  The company established its first facility in Research Triangle Park and selected Benson, North Carolina, as the proposed location for a larger factory.

  Aftermath

  The planned Benson project was expected to create about 1,000 jobs, while state incentives and community-college training support were developed around the expansion.

  Source

• 2025

  Pursue an exclusively U.S.-and-allied supply chainStrategy

  Background

  The company was formed to reduce reliance on China-centered rare-earth magnet manufacturing and associated supply chains.

  Action taken

  Vulcan Elements stated that it aimed to source materials and equipment from U.S. companies or allies and avoid suppliers connected to Chinese business entities.

  Aftermath

  The strategy shaped its relationships with suppliers including ReElement Technologies, Consarc, and Energy Fuels and reinforced its defense-industrial positioning.

  Source

• 2025

  Scale production to 10,000 metric tons annuallyStrategy

  Background

  Initial output at the Research Triangle Park site was reported at about 10 metric tons per year, insufficient for large-scale commercial and defense demand.

  Action taken

  The company planned a new Benson factory and said government financing would be used to expand annual capacity to approximately 10,000 metric tons.

  Aftermath

  The Pentagon announced a $620 million loan and the Commerce Department announced $50 million in equity support, while the expansion became subject to political scrutiny.

  Planned annual magnet-production capacity. Approximately 10 metric tons per year → Up to 10,000 metric tons per year (October-November 2025)

  Source

• 2025

  Vulcan Elements opens its first manufacturing facility in North Carolina[1]Vulcan Elementsen.wikipedia.org

  Product launch · Other

  The company opened its initial manufacturing and research site in Research Triangle Park on March 31, 2025.

• 2025

  Vulcan Elements raises $65 million and secures defense-related business[1]Vulcan Elementsen.wikipedia.org

  Other

  In August 2025, the startup raised $65 million from private investors and obtained defense-related orders, including a multimillion-dollar Pentagon contract.

• 2025

  Pentagon announces a $620 million loan for Vulcan Elements[1]Vulcan Elementsen.wikipedia.org

  Other

  The Pentagon's Office of Strategic Capital announced a $620 million loan, alongside a separate $50 million Commerce Department equity investment, to support expansion of domestic magnet production.

1. 1Vulcan Elementsen.wikipedia.org