Latest news with #VulcanElements
CNBC
6 days ago
- Business
- CNBC
Vulcan Elements CEO on $65 million investment by Altimeter: Going to build commercial facility
John Maslin, Vulcan Elements CEO, joins 'Closing Bell' to discuss the company's fundraise led by Altimeter's Brad Gerstner, how to build the company and much more.
Axios
6 days ago
- Business
- Axios
Vulcan raises $65 million to onshore rare-earth magnets
Vulcan Elements, a North Carolina-based maker of rare-earth magnets, has raised $65 million in Series A funding at a $250 million valuation. Why it matters: The U.S. is pushing to onshore production of materials critical to its national defense, plus commercial needs, rather than relying on China. Rare-earth magnets also have been a bone of contention in U.S.-China trade talks. What they're saying: " We have contracts with every branch of the military already, Navy, Army and Air Force, and we're ... doing initial deliveries on one of those contracts this month," Vulcan CEO John Maslin tells Axios. "The picks and shovels of reindustrialization, the picks and shovels of the 21st century technology race? Chips, batteries and magnets. These magnets are going exponential in defense applications. Think drone technologies; think about the president's executive order on unleashing drone dominance. We need a lot of additional rare-earth magnets." Zoom in: Altimeter led the funding round, joined by One Investment Management.
Wall Street Journal
6 days ago
- Automotive
- Wall Street Journal
Rare-Earth Magnet Maker Raises $65 Million in Push to Counter China
Startup Vulcan Elements said it raised $65 million in a new funding round to increase production of the rare-earth magnets crucial to everything from drones to electric vehicles. The funding signals the growing push to build up an industry in the U.S. and reduce dependence on China.
