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Vulcan Elements, a US-based rare earth magnet manufacturer, announced a supply deal with ReElement Technologies this week, although financial terms remain undisclosed. The price is reportedly “significantly below” the US Department of Defense’s guaranteed floor of $110 per kilogram, aimed at enhancing competitiveness in the global market.
Vulcan, which produces neodymium iron boron magnets, raised $65 million in Series A funding last week to scale up its commercial facility in Durham, North Carolina, projected to be operational by Q1 2025. The company’s goal is to produce several thousand tons of magnets annually by the end of the decade, contributing to a more resilient supply chain as it addresses the over 90% global dominance of rare earth supply by China.
Vulcan Elements ensures all its materials are sourced exclusively from the US and allied partners, either through recycled magnets or directly from miners, with a clear aim of achieving independence from China in the critical minerals supply chain.
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