A little-known start-up backed by Donald Trump Jr. just landed a multi-million dollar deal with his father’s administration to increase the domestic industrial supply of magnets.
Vulcan Elements, a tiny rare-earths start-up that received investments from Trump Jr.’s 1789 Capital venture firm in August, is slated for a roughly $620 million Defense Department loan under the deal, the Financial Times reports.
The loan, part of a wider $1.4 billion investment in the sector, appears to represent the largest ever granted by the Pentagon’s Office of Strategic Capital, and only the latest plushy government deal handed to a company backed by Trump Jr.
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