Vulcan Elements and ReElement sign $1.4B partnership with the US government for a domestic magnet supply chain

ReElement Technologies/Marion Refining Campus

Magnet maker Vulcan Elements and refiner ReElement agreed a $1.4B package with the Department of War and Commerce to build a fully US rare-earth magnet chain. ReElement gets an $80M direct loan, matched by private money, to expand recycling and refining, and will supply oxides to Vulcan's planned 10,000 t-a-year magnet plant.

• Office of Strategic Capital loans: $620M to Vulcan Elements, $80M to ReElement.
• Commerce adds $50M of CHIPS Act incentives and takes $50M of equity in Vulcan.
• The Department of War receives warrants in both companies.
• ReElement will process end-of-life magnets, e-waste and mined concentrates into oxides.