Vulcan Elements manufactures high-performance rare earth permanent magnets in the United States, aiming to rebuild a domestic supply chain for a component almost entirely produced in China. The company opened its first commercial magnet manufacturing facility in Durham, North Carolina's Research Triangle Park and is building a 10,000-tonne plant in Benson, North Carolina. Its magnets are aimed at defense systems, drones, satellites, semiconductor fabrication equipment, hard disk drives, robotics, industrial motors and automotive applications. It raised a $65 million Series A led by Altimeter Capital and received a $620 million loan from the Pentagon's Office of Strategic Capital as part of a $1.4 billion U.S. government partnership.