Vulcan Elements Forges $1.4 Billion Partnership with the United States Government and ReElement Technologies to Expand 100% Vertically Integrated, Domestic Magnet Supply Chain

WASHINGTON, Nov. 3, 2025 /PRNewswire/ -- Vulcan Elements is proud to announce a $1.4 billion partnership with the United States Government and ReElement Technologies to scale Vulcan Elements and ReElement Technologies' 100% vertically-integrated, domestic rare earth magnet supply chain. This partnership proves that America can manufacture rare earth magnets—entirely on U.S. soil. Since its inception, Vulcan Elements' mission has been to build a domestic rare earth magnet solution that can propel the United States into the 21^st century and enable the next era of American economic dynamism and national security. This partnership is a milestone for the company's mission, and for the United States of America.

Key features of the partnership:

• Vulcan Elements will build, commission, and operate a 10,000 metric tonne magnet facility in the United States.
• Vulcan Elements and ReElement Technologies will scale their 100% vertically-integrated, domestic magnet supply chain, which is already operating today, to enable 10,000 tonnes of annual magnet production—with a focus on recycling end-of-life magnets and electronic waste.
• Vulcan Elements' expansion to 10,000 tonnes of production capacity will be financed by a $620 million Direct Loan from the Department of War's Office of Strategic Capital, $50 million of federal incentives from the Department of Commerce under the CHIPS and Science Act, and $550 million in private capital.
• ReElement Technologies' expansion of its recycling and processing capabilities will be financed by an $80 million Direct Loan from the Office of Strategic Capital, matched by private capital.
• The Department of War will receive warrants in both Vulcan Elements and ReElement Technologies. The Department of Commerce will receive $50 million of equity in Vulcan Elements.

Secretary of Commerce Howard Lutnick added: "Our investment in Vulcan Elements will accelerate U.S. production of rare earth magnets for American manufacturers. We are laser-focused on bringing critical mineral and rare earth manufacturing back home, ensuring America's supply chain is strong, secure and perfectly reliable."

Together, Vulcan Elements and ReElement Technologies already execute across the full magnet supply chain: ReElement Technologies processes end‑of‑life magnets, electronic waste, and mined concentrates into high-purity rare earth oxides. Vulcan Elements will reduce those oxides to produce high-purity rare earth metals, and manufactures finished rare earth magnets. Vulcan Elements' products have been independently validated to ensure they meet the highest standards of performance. Vulcan Elements' magnets have already been delivered to customers across critical defense and technology sectors.

In August, Vulcan Elements and ReElement Technologies announced a commercial-scale offtake agreement for "light" and "heavy" rare earth oxides—the materials necessary to produce rare earth magnets. As Vulcan Elements and ReElement Technologies scale this collaboration, the two companies will deliver an industry-leading option for American-produced rare earth magnets—a critical asset to enabling the next generation of American economic dynamism and national security.

Since its start, Vulcan Elements and ReElement Technologies' partnership has been driven by four principles:

1. Prioritizing the objectives of the United States Government and the nation as the highest priority;
2. Collaborating with transparency, trust, and respect;
3. Ensuring a fair return on investment; and
4. Galvanizing innovation and entrepreneurship.

The result of this partnership is a resilient, end‑to‑end U.S. supply chain that delivers with speed, certainty, and scale for customers, and provides security and resilience for our nation's most important technologies and industries.

"As a former Navy officer, I am honored by the trust that the American government and American people have placed in Vulcan Elements," said Vulcan Elements CEO John Maslin. "Now more than ever, we remain focused on execution and performance, so that we can deliver a capability that the nation urgently needs. Vulcan Elements and ReElement Technologies already have a record of strong collaboration, and I look forward to continuing to work together as we move forward into this next phase of our partnership."

ReElement Technologies CEO Mark Jensen added: "ReElement Technologies and Vulcan Elements are natural partners. Our capabilities are innovative and proven. Our teams draw on the best talent across government and industry. And our companies already have a deep record of principles-based collaboration. With support from the United States Government, we are positioned to become a solution that secures America's fundamental supply chains."

Vulcan Elements is in ongoing discussions with the Office of Strategic Capital and the Department of Commerce's CHIPS Program Office to finalize diligence requirements.

Vulcan Elements manufactures sintered permanent neodymium iron boron (NdFeB) magnets in the United States for critical defense and commercial applications. The company will also produce high-purity rare earth metals in its commercial facility. NdFeB magnets convert electricity into motion. They are essential components in almost every advanced machine and electronic device—from AI data centers and semiconductor fabrication equipment to satellites, drones, robotics, electric motors, and virtually all military platforms. Vulcan Elements remains committed to advancing technological innovations, galvanizing America's manufacturing workforce, and collaborating with both public and private sector stakeholders to strengthen the domestic rare earth magnet supply chain.

ReElement Technologies is a U.S. refiner of rare earth and critical minerals that transforms end‑of‑life magnets, electronic waste and mined concentrates into high‑purity, separated rare earth oxides. Using advanced separation and purification methods, ReElement Technologies supplies domestic, traceable feedstock to partners like Vulcan Elements, enabling a closed‑loop supply chain for critical commercial and defense applications. The company's multi-mineral, multi-feedstock refining platform prioritizes innovation, quality, and cost-efficient production to strengthen the resilience of America's critical mineral supply chain.

SOURCE Vulcan Elements