Keep pulling the thread on John Maslin.
China currently mines between 55% and 60% of the world's rare earth elements.
China manufactures between 90% and 94% of the global supply of rare earth magnets, importing raw materials to meet its production needs.
Vulcan Elements has raised a $65 million Series A round, bringing its total funding to date to $75 million.
While China produces over 90% of the world's rare earth magnets, the United States produces less than 1% of the global supply.
Virtually all equipment used to manufacture rare earth magnets is produced in China.
Vulcan Elements has won multiple contracts with every branch of the U.S. military for top priority programs over the last nine months.
Demand for Vulcan Elements' products is 15 times the capacity of its pilot facility, which was over 95% sold out more than 12 months ago.
The mass production of humanoid robots by companies like Optimus and Figure AI could increase the global demand for rare earth magnets by a factor of 10.
Section 844 of the Fiscal Year 2021 National Defense Authorization Act (NDAA) bans the use of Chinese magnets in Department of Defense systems.
By January 1, 2027, any company selling hardware to the U.S. Department of Defense must provide country of origin verification for all magnets, which cannot come from a foreign entity of concern.
Vulcan Elements' Series A funding round was led by Altimeter and included major participation from One Investment Management.
MP Materials currently operates the only scaled rare earth mine in North America.