On Monday of this week the United States Department of Commerce announced a significant investment in Vulcan Elements, a startup based out of Durham. Vulcan Elements produces rare-earth magnets. Rare-earth minerals and their products have become a significant wedge between the United States and China in the ongoing technological and economic races between the two countries.
The investment from the US Department of Commerce brings the total raised by Vulcan Elements to well over $1 billion with over $550 million raised by private capital.
From the US Department of Commerce’s release:
“The planned incentives are for the purchase of equipment for the production of domestic Neodymium Iron Boron (NdFeB) magnets which will significantly bolster U.S. critical minerals supply chains… This incentive will support equipment utilized for the production of advanced rare earth element separation, metallization, and magnet manufacturing capabilities in the United States. Vulcan plans to manufacture, process, and produce up to 10,000 metric tonnes of NdFeB magnet material in the next several years, thereby significantly reducing the U.S. NdFeB magnet supply chain gap.”
Also this Monday, in Edgecombe County the County Board of Commissioners unanimously approved new ordinance language that will allow the development of a data center. Energy Storage Solutions, based out of Robersonville in Martin County, is looking to develop a $19.2 billion data center. According to the Triangle Business Journal, Energy Storage Solutions anticipates up to 1,000 jobs being created from the project.
North Carolina has been lauded repeatedly in recent years for the business friendly environment the conservative majorities have fostered. In July CNBC named North Carolina the Top State for Business in 2025 and payroll company ADP named Raleigh as the top city for recent college graduates to find a job.
Conservative leaders have remained focused on developing a strong economic environment that has prepared North Carolina to be a leader in the 21st century economy, whether it is significant investments in rare-earth magnets, a data center in Edgecombe County, or fostering innovation in AI.
