RTP startup raises $65M to challenge China’s rare earth magnet dominance

RTP startup raises $65M to challenge China’s rare earth magnet dominance

Research Triangle Park-based Vulcan Elements secured $65M in Series A funding to expand U.S. production of neodymium magnets, critical for technologies from wind turbines to defense systems. Founded in 2023, Vulcan aims to reduce reliance on China, which produces 90% of these magnets, and will soon supply all U.S. military branches.