Why we invested in VULCAN
Mobility Revolution Early-Stage VC
By Brian Litvak
Posted August 2025
Vulcan Elements announced a $65M Series A led by Altimeter Capital. We’re excited to deepen our partnership as we participate in the Series A alongside OneIM, 1789 Capital, Xfund, Newark Venture Partners, and several prominent angel investors.
As the company reaches this milestone, we’re reminded of what stood out at Seed and why we’re proud to support the Series A.
Amid rising trade tensions, Western economies face the pressing challenge of reshoring advanced manufacturing to secure critical components vital to modern society. Semiconductors and batteries often dominate this conversation. As a result, industry giants have tapped into initiatives like the CHIPS Act to advance domestic manufacturing. But are semiconductors and batteries enough to future-proof supply chains and maintain technological leadership? We believe the reality is that a broader industrial effort is needed.
One overlooked and, in our view, undercapitalized area of reshoring in Western markets is rare earth magnet (REM) manufacturing. REMs are the backbone of modern society. EVs, wind turbines, MRI machines, consumer electronics, satellites, defense equipment and much more depend on magnets to function. However, the U.S. is largely dependent on imports from China, which holds more than 90% of the market. This creates supply chain, geopolitical, and pricing risks, for Western businesses and society at large.
Just as the chip shortage caught many off guard, a magnet disruption triggered by export controls or broader geopolitical shocks could similarly incapacitate Western supply chains.
Enter Vulcan Elements. Vulcan is developing proprietary REM manufacturing technology and expanding capacity to ensure supply security for customers across defense, aerospace, and automotive markets.
Vulcan possesses many compelling characteristics, chief among them a team that brings together expertise in magnet-related IP, industrial manufacturing, and magnet procurement.
Piotr Kulik, Vulcan’s CTO, holds a PhD in Electrical Engineering with a focus on magnetics from Northeastern and brings years of experience building magnetic components. He is also an Assistant Professor of Magnetics at the University of Central Florida.
Jake Bowles, Vulcan’s COO, was formerly the Director of Propulsion R&D and Director of Advanced Manufacturing at Ursa Major, where he led teams in advanced manufacturing, materials engineering, machining, and R&D operations. Jake was also an Additive Manufacturing and Propulsion Engineer at SpaceX earlier in his career.
John Maslin, Vulcan’s CEO, is a former U.S. Navy Supply Officer who experienced the challenges of securing allied REMs. We met John while he was an MBA student at Harvard Business School, and he painted an urgent, simple, and captivating problem statement: the U.S. is dependent on non-allied rare-earth magnets, and there are no suppliers that are fully decoupled from China.
John and the Vulcan team shared a vision for building magnet capacity with an allied supply chain to provide customers with a Western REM alternative. That vision is now becoming reality.
Since our Seed investment, Vulcan has launched its pilot facility, secured offtake interests, received non-dilutive support from several government entities, and closed a meaningful Series A that will enable the company to scale capacity.
The team, combined with the confluence of magnet demand drivers and U.S. reshoring initiatives, makes Vulcan a highly compelling opportunity for our fund. We look forward to supporting Vulcan in its ambition to become a leader in U.S. permanent magnet manufacturing.
Brian Litvak
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