American government and Vulcan Elements Company jointly invest 1.4 billion USD to build a rare earth and magnet supply chain!
The American rare earth startup company Vulcan Elements announced a 1.4 billion USD partnership with the government to establish a nationally integrated vertical rare earth magnet supply chain.
As part of the partnership, Vulcan will build a factory in the United States that produces 10,000 metric tons of magnets per year, with funding including a direct loan of 620 million USD from the Pentagon and 50 million USD federal incentives from the Department of Commerce, and an additional 550 million USD from private equity, with the U.S. Department of Commerce acquiring a 50 million USD equity stake in the company.
This partnership aims to ensure national security in the United States and create internal sources for essential components for defense and technology products. The partner rare earth recycling company of Vulcan Elements, ReGen Technologies, will also receive 80 million USD from the Pentagon to expand its ability to process electronic waste and other raw materials into rare earth oxides.
Original: www.toutiao.com/article/1847810020980812/
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