Exclusive: Vulcan Elements partners with UNC on magnets research
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Durham-based startup Vulcan Elements is partnering with UNC-Chapel Hill researchers to develop a new generation of rare-earth magnets.
Why it matters: Rare-earth magnets, a field currently dominated by China, have become a major focus of national security, with the product being used in everything from data centers and electronics to defense systems, drones and missiles.
- Vulcan, which has received significant financing from the federal government, is building a $1 billion factory in Johnston County, where it plans to produce magnets decoupled from China and employ 1,000 workers.
Driving the news: Vulcan announced its partnership with UNC on Tuesday through the North Carolina Collaboratory, an office created by the N.C. General Assembly that helps fund research and initiate partnerships with companies.
- Vulcan, founded in 2023, will work with UNC chemistry professor Yosuke Kanai to use quantum-mechanical simulations to improve the design and performance of the magnets. The research is being funded with at least $600,000 from the N.C. Collaboratory.
Between the lines: It's the latest example of how North Carolina is leveraging its resources to create a manufacturing win in the state. Vulcan is already in line for around $17.5 million in incentives from the state if it meets hiring and investment goals.
What they're saying: "[UNC] can add a lot of value to what Vulcan is doing, and it's a really good example of what a public-private partnership in the United States can and needs to look like in order for us to not only catch up, but ultimately leapfrog and win in these critical industries like rare magnets," Vulcan CEO John Maslin told Axios.
- The ultimate goal of the research, he added, is to eliminate a 30-year head start China has over the U.S. in rare-earth magnets.
State of play: The partnership comes as Vulcan moves rapidly to get its factory in Benson operational.
- At the site, not far from Interstate 95, Vulcan eventually hopes to occupy more than 1 million square feet of space.
- Maslin said that the Vulcan team hopes to begin moving into the site after Thanksgiving and have the factory online next year. Already, it is training future workers on its equipment at Johnston Community College.
- Vulcan will operate across two offices, one for its headquarters and research operations in Research Triangle Park and the other in Benson.
The big picture: Maslin said that 98% of the world's supply of rare-earth magnets now come from China, creating a supply chain risk for the U.S.
- The company is now completely decoupled from China, he added. But it must secure a much larger domestic and allied supply chain of rare-earth minerals as it scales up the factory in Benson.
- "I'm really optimistic," Maslin said of the situation. "Things are going very well. It's a lot of hard work across the entire supply chain [and] making sure that our partners are doing their jobs … and that we're staying on our timelines and controlling costs."
