CHIPS incentives letter of intent — Vulcan Elements ($50 million)

Preliminary, non-binding letter of intent signed by the Department of Commerce's CHIPS Program Office for $50 million in proposed federal incentives for equipment for the production of domestic NdFeB magnets by Vulcan Elements, announced November 3, 2025. The same announcement states the Department of Commerce is also to receive an equity stake in the company; no separately executed equity instrument is disclosed in the cited sources, so the equity stake is recorded as a claim within this record. Vulcan's companion release describes the $50 million as federal incentives under the CHIPS and Science Act within a financing package that also includes a $620 million Office of Strategic Capital direct loan and $550 million in private capital.

Facts on this page last re-verified Aug 11, 2026 — the oldest verification date among its current claims. How we verify.