Official websites use .gov
A .gov website belongs to an official government organization in the United States.
Secure .gov websites use HTTPS
A lock (
) or https:// means you’ve safely connected to the .gov website. Share sensitive information only on official, secure websites.
Vulcan Elements Inc. (North Carolina)
Key Facts
Project Summary
The U.S. Department of Commerce has awarded Vulcan Elements Inc. (“Vulcan”) direct funding under the CHIPS and Science Act. This funding will enable Vulcan Elements to purchase equipment for its facility in Benson, North Carolina, for the production of domestic Neodymium Iron Boron (NdFeB) magnets. NdFeB magnets have significant commercial and defense applications as they are components in semiconductor manufacturing, robotics, industrial motors, electric vehicles, drones, fighter jets, nuclear submarines and satellites, among others.
Economic and National Security Impact
This award significantly bolsters U.S. critical mineral and semiconductor supply chains by increasing the production of NdFeB magnets. The funding will support the purchase of equipment utilized for the production of advanced rare earth element separation, metallization, and magnet manufacturing capability. Over the next several years, Vulcan plans to manufacture, process, and produce up to 10,000 metric tonnes of NdFeB magnet material, significantly reducing the U.S. NdFeB magnet supply chain gap.
Vulcan Elements Inc. Project Overview | ||
|---|---|---|
Project Summary | Recipient | Vulcan Elements Inc. |
| Location(s) | Benson, North Carolina | |
Financial Summary | Program | CHIPS Program Office |
| Direct Funding Amount | $50 million | |
Project Statistics: Benson, North Carolina | ||
|---|---|---|
Summary | Project | The purchase of equipment at its existing facility for the production of rare earth magnets |
| Technology | Advanced rare earth element separation, metallization, and magnet manufacturing | |