Semiconductors and batteries are integral to vital technologies we use every day, from smartphones to data centers. This is especially true for the United States military. The federal government and the Pentagon acknowledge the nation’s dependence on foreign supply chains for its semiconductors and batteries, which are critical components in military equipment, such as radios and missiles. In an effort to become self-reliant in its supply, the United States passed the CHIPS Act and other legislation to support the onshoring of critical mineral processing and the manufacturing of these crucial components.
However, there’s one more component the country and the military are dependent on that hasn’t been addressed yet: magnets. Specifically, rare earth magnets. Which are found in a wide range of products, from earbuds to fighter jets.
“Semiconductors are the brain, batteries are the heart, and rare earth magnets are the spine,” John Maslin, co-founder of Vulcan Elements, told We Are The Mighty.
Inspired by great American leaders who previously served in the military, Maslin joined the Navy after graduating from the University of Colorado with a degree in finance and accounting. He commissioned in 2016 and served as a Supply Corps Officer at Naval Reactors. As the financial manager for the Navy’s Nuclear Propulsion Program, Maslin executed a $2 billion annual budget to finance and procure sensitive materials and components for nuclear reactors on the Navy’s newest aircraft carriers and submarines.
After leaving active duty, Maslin attended Harvard Business School, where he met Piotr Kulik, an expert in rare earth magnets. Having seen the supply chain gaps in the U.S. military firsthand and learning more about the critical nature of rare earth magnets, Maslin teamed up with Kulik to develop a company that could meet this need domestically.
“I became the weird magnet guy,” Maslin said of his deep dive into the world of rare earth magnets.
After months of research and raising money, the two men founded Vulcan Elements in 2023.
A single F-35 stealth fighter requires over 900 pounds of rare earth elements, every Arleigh Burke-class destroyer contains 5,200 pounds, and each Virginia-class nuclear attack submarine needs 9,200 pounds.
“There are 17 elements on the periodic table referred to as ‘rare earth’ elements. While DOD needs nearly all of them in some capacity, three are used to make the permanent magnets critical to so many defense systems,” a DOD News article noted in 2024. “Continued U.S. reliance on foreign sources for rare earth products poses a risk to national security. The U.S. and most of the world depend on China for many rare earth elements.”
Although China has a monopoly on the refining and manufacturing of rare earth magnets, it does not have a monopoly on the supply of raw minerals. By building up the refining and manufacturing industry in the United States, Vulcan Elements is leading the way for America to catch up in rare earth magnet supply.
“This is too important not to do this the right way,” Maslin noted of the strategic importance of the business.
With the goal of becoming the number one magnet company in the West, Vulcan Elements aims to supply not only the United States but also its allies, including Japan, Australia, Canada, and Europe.
Beyond the supply of rare earth magnets for defense and everyday products, Vulcan Elements also wants to create an ecosystem of U.S. manufacturing.
“We’re going to stand on our own by creating a direct and indirect U.S. workforce,” Maslin said proudly.
In addition to employing Americans, Vulcan Elements buys machines and other equipment from U.S. companies that employ Americans. With its commitment to U.S. manufacturing independence, Vulcan Elements aims to lead the way in promoting continued reindustrialization across the country.
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