Vulcan Elements, a 2-year-old startup manufacturing rare earth magnets in North Carolina, has quietly landed more than $10 million in Defense Department contracts across every branch of the U.S. military.

The deals underscore how urgent the Pentagon’s need has become to build a domestic supply chain for one of the most critical components in modern technology. China currently produces 94% of the global supply and cut off magnet exports in April.

The company, founded by former U.S. Navy officer John Maslin, said it has secured nine DOD contracts in the past eight months. Vulcan opened its manufacturing facility doors on March 31 and is delivering on initial contracts over the next 60 days, Maslin told Defense News.

Vulcan is supplying magnets for ground vehicles, shipbuilding, muni

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