"The Financial Times reported on Wednesday that Vulcan Elements - a tiny startup of 30 employees that specializes in producing rare-earth magnets used in drones, radars, and other pieces of military equipment - has scored a $620 million loan from the Pentagon as part of "a $1.4 billion deal to increase the supply of magnets for industries alongside partner ReElement Technologies.""
"Vulcan has received funding from 1789 Capital, a venture capital firm founded by pro-Trump donors in 2023 that brought Trump Jr. in as a partner last year. According to the Financial Times' analysis, "at least four of 1789's portfolio companies have won contracts from the Trump administration this year, amounting to more than $735 million.""
Vulcan Elements, a 30-employee startup producing rare-earth magnets for drones, radars, and other military equipment, received a $620 million loan from the Pentagon as part of a $1.4 billion deal with ReElement Technologies to boost magnet supply. Vulcan has funding from 1789 Capital, a venture firm founded by pro-Trump donors in 2023 that added Donald Trump Jr. as a partner. At least four companies in 1789's portfolio have won contracts from the Trump administration this year totaling more than $735 million. Weeks earlier, Unusual Machines, in which Trump Jr. held a $4 million stake, won an Army contract to produce 3,500 drone motors and may supply an additional 20,000 components.
Read at Truthout
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