Questions emerge as Trump-backed rare earths company secures $620M Pentagon funding

Vulcan Elements, a rare earths start-up with only 30 employees, has secured a massive $620 million loan from the U.S. Department of War, just three months after 1789 Capital, the venture capital firm where Donald Trump Jr is a partner, invested in the company. The funding forms part of a larger $1.4 billion package aimed at building up domestic production of rare earth magnets, in partnership with ReElement Technologies, according to the Financial Times . The deal, finalized last month, is the largest financing issued so far by the Pentagon’s Office of Strategic Capital. It’s also the latest in a string of federal contracts quietly flowing toward companies backed by Don’s $1 billion-plus fund. Vulcan will work with ReElement to produce magnets used in weapons systems, aircraft, satellites, drones, and submarines. To round out the deal, over $550 million in private money and additional federal support were thrown in. The...

https://www.cryptopolitan.com/trump-rare-earths-company-pentagon-620m/