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Vulcan Elements, a rare-earth magnets startup linked to Donald Trump Jr.’s 1789 Capital venture firm, has won a $62.0 million U.S. Department of Defense contract. The deal is part of a broader $1.4 billion collaboration between the government and ReElement Technologies to strengthen domestic magnet production. The partnership aims to reduce reliance on foreign suppliers and boost critical material availability. This marks a significant milestone for the company’s efforts in securing defense-related contracts. The contract highlights growing U.S. interest in domestic manufacturing of strategic technologies.

Key facts

• Vulcan Elements secured a $620 million government contract from the U.S. Department of Defense.
• The deal is part of a $1.4 billion partnership involving ReElement Technologies and federal agencies.
• The collaboration focuses on expanding domestic production of rare-earth magnets critical for defense applications.
• The contract underscores efforts to reduce dependence on foreign suppliers for strategic materials.
• Donald Trump Jr.’s 1789 Capital firm is a key backer of the startup involved in this deal.