Company

Vulcan Elements

Vulcan Elements is an American manufacturer of rare earth magnets for defense and commercial customers. ↗

Headquarters	Durham, NC ↗
Founded	2023 ↗
Leadership	John Maslin, CEO and founder ↗; Jake Bowles, COO ↗; Piotr Kulik, CTO ↗
Department of War obligations	$6 million in prime contracts since fiscal 2022 ↗
Ownership	Private; 1789 Capital investor ↗; $620 million OSC loan ↗

Products

Vulcan makes sintered neodymium magnets. ↗
Vulcan is building a 1.1 million-square-foot magnet factory in Benson, North Carolina, with planned capacity of 10,000 metric tons of magnets a year and about 1,000 manufacturing jobs. ↗

The U.S. Army selected Vulcan to supply neodymium iron boron magnets for its small drone initiative, which aims to produce one million drones a year at Tobyhanna Army Depot. ↗
The Army award is Vulcan's tenth Department of War contract, spanning every branch of the U.S. military, the company says. ↗

Nov 202521

Neodymium Iron Boron (NdFeB) magnet maker with rare earth separation, metallization and magnet manufacturing plans in the United States

components and materialsSource

UndisclosedAnnounced

Vulcan signed a memorandum of understanding with Ucore Rare Metals in March 2026 toward a commercial supply of NdPr and Dy oxides beginning in 2027. ↗