The plant will be located in the Crossroads Logistic Center on Morgan Rd. in Benson, strategically positioned near the I-95/I-40 interchange.

The Nov. 18 announcement garnered national attention and was attended by federal and state officials, including Senator Tedd Budd and Governor Josh Stein.

This plant is the first of its kind in the U.S. and marks a major step in bringing rare-earth magnet production back on American soil, which is important for economic and national security, receiving funding from the Pentagon’s Office of Strategic Capital. Up until this point rare-earth magnets have primarily been produced overseas, specifically in China.

Opening this plant is “so much bigger than making a rare-earth magnet, it’s fundamental to national security and the next generation of American economic competitiveness,” said Vulcan Elements CEO John Maslin. “I started Vulcan Elements because I was fundamentally convicted that the United States needed to manufacture three things super well domestically over the next three years; semi-conductors, batteries and rare-earth magnets.”

Rare-earth magnets convert electricity into motion. They are the strongest type of permanent magnets, along with semiconductors and batteries are used in all sectors of our economy including defense, satellites, AI, semiconductor fabrication, consumer electronics, industrial motors, power tools and non-drive train motors.

“This veteran-owned company will enable North Carolina to keep leading the way on national security, as well as building the economy of the future,” said Stein.

In addition to its size and job creation, the facility will be one of the region’s largest energy users. The facility is expected to have an energy demand of 150 megawatts, which will be delivered by South River EMC.

“It is a privilege for South River EMC to provide electric service to Vulcan Elements, and I am grateful that they selected North Carolina and Benson as the location of its new facility,” said South River EMC CEO Chris M. Spears. “The impact of a local investment of almost $1 billion and the addition of 1,000 high-paying jobs will truly be a blessing to our region. More importantly, Vulcan Elements will provide critical support to our military and improving upon the economic security of the United States of America. Our Cooperative prides itself on providing excellent service to all of our members and we are committed to meeting and exceeding the expectations of Vulcan Elements.”

Another key aspect of this project is that the annual salary for planned positions is $81,900.