Vulcan Elements to Build $1B Rare‑Earth Magnet Plant
11/19/2025, 8:04:06 PM | China | United States
Military & Defense
Durham startup Vulcan Elements will invest $1 billion in a Benson, NC factory to make rare-earth magnets and hire 1,000 workers.
Vulcan Elements, a Durham-based startup, plans a $1 billion factory in Benson, North Carolina, to produce rare-earth permanent magnets and hire about 1,000 workers.
The plant will initially occupy a 500,000-square-foot speculative building with potential expansion toward one million square feet. Construction is expected to start within 12 months, with jobs phased in through 2029 and average plant wages projected near $82,000.
The Department of Defense approved a $620 million loan this month and took an equity stake to accelerate production. North Carolina and Vulcan agreed to roughly $17.5 million in state incentives tied to hiring and investment targets, while Johnston County and the town of Benson will contribute more than $94 million in additional incentives.
Rare-earth magnets are essential for electronics, electric vehicles, drones and missiles, and global supply is currently dominated by China. Vulcan, founded in 2023 with a demonstration facility in Durham and an R&D hub in Research Triangle Park, aims to reshore magnet production and decouple the supply chain by controlling equipment, software and material processes.
The company expects roles across engineering, production and management and positions the project as a strategic industrial development for North Carolina.