North Carolina Fast-Tracks Power Line for Vulcan Elements' $920 Million Rare-Earth Magnet Factory
The North Carolina Utilities Commission has approved the expedited construction of a 1.31-mile, 230-kilovolt transmission line in Johnston County. This fast-tracking is intended to power Vulcan Elements, a North Carolina-based company establishing a $920 million rare-earth magnet factory. The plant, expected to employ up to 1,000 workers, will produce magnets crucial for various high-tech applications, including drones, submarines, aircraft, satellites, and electric vehicles. Vulcan Elements' Chief Operating Officer, Jake Bowles, emphasized the project's criticality, leading regulators to waive standard publication and hearing requirements under state law, citing an urgent need for electric service. The company invoked the federal Defense Production Act to meet its accelerated timeline, which regulators deemed justified. The electric cooperative, South River Electric Membership Corp., estimates the project cost at approximately $7.25 million, which Vulcan Elements has agreed to cover. Construction of the p... 
