ReElement drops its conditional $80M Pentagon loan

ReElement Technologies/Marion Refining Campus

ReElement stopped pursuing the $80M conditional loan from the Office of Strategic Capital that was part of the November 2025 Vulcan Elements package, after failing to meet federal due-diligence requirements, according to administration officials cited by Reuters. The company says it prefers private equity to debt and is looking at other forms of federal support.

• The loan was conditional; no sign any money was drawn.
• Vulcan Elements' $620M loan from the same package stays in place.
• CEO Mark Jensen argues debt raises costs and makes competing with China harder.