{
  "commitment": {
    "id": "fin-us-commerce-chips-vulcan-2025-incentives",
    "eventId": "evt-us-osc-vulcan-reelement-2025",
    "relationships": [],
    "instrument": "unspecified",
    "valueRole": "indication",
    "capitalSource": "public",
    "amount": {
      "value": "50000000",
      "currency": "USD",
      "qualifier": "exact",
      "amountAsStated": "a preliminary non-binding letter of intent to provide $50 million in proposed federal incentives under the CHIPS and Science Act",
      "currencyBasis": "issuer_context"
    },
    "provider": "US Department of Commerce, CHIPS Program Office",
    "providerJurisdiction": "us",
    "providerOrgIds": [
      "org-us-commerce"
    ],
    "legalAuthority": "CHIPS and Science Act",
    "programmeId": "prg-us-chips-incentives",
    "recipient": null,
    "recipientOrgIds": [],
    "project": "Purchase of equipment, in parallel with OSC's financing",
    "projectId": null,
    "facility": null,
    "locations": [],
    "stages": [],
    "stageAllocation": "not_stated",
    "materialIds": [],
    "materialAttribution": "not_stated",
    "untrackedMaterialsAsStated": [],
    "financialStatusHistory": [
      {
        "status": "announced",
        "date": "2025-11-21",
        "sourceId": "src-osc-vulcan-reelement-2025",
        "note": "A preliminary, non-binding letter of intent."
      }
    ],
    "implementationStatusHistory": [],
    "terms": [
      {
        "kind": "other",
        "value": "50000000",
        "qualifier": "exact",
        "currency": "USD",
        "unit": "of equity in Vulcan Elements",
        "asStated": "The Department of Commerce will also receive $50 million of equity in Vulcan Elements.",
        "sourceId": "src-osc-vulcan-reelement-2025",
        "note": "The release does not say whether this equity is consideration for the proposed incentives or a separate purchase, so it is kept as a term here and never added as money."
      }
    ],
    "outcomes": [],
    "evidence": [
      {
        "sourceId": "src-osc-vulcan-reelement-2025",
        "supports": [
          "instrument",
          "value_role",
          "capital_source",
          "amount",
          "provider",
          "legal_authority",
          "project",
          "status",
          "terms"
        ],
        "evidence": "explicit",
        "locator": "Fourth paragraph",
        "note": null
      },
      {
        "sourceId": "src-osc-vulcan-reelement-2025",
        "supports": [
          "programme"
        ],
        "evidence": "ambiguous",
        "locator": "Fourth paragraph",
        "note": "\"the Department of Commerce's ... CHIPS Program Office signed a preliminary non-binding letter of intent to provide $50 million in proposed federal incentives under the CHIPS and Science Act\": the release does not name the incentives programme itself."
      }
    ],
    "notes": "The release does not name the recipient of the letter of intent; it states the equity in Vulcan Elements in the next sentence. Instrument not specified beyond \"federal incentives\". Recorded as a non-binding indication, not as a commitment: a preliminary non-binding letter of intent is not a financing commitment, so it is in no sum."
  },
  "event": {
    "id": "evt-us-osc-vulcan-reelement-2025",
    "date": "2025-11-21",
    "jurisdiction": "us",
    "titleEn": "Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies"
  },
  "parents": [],
  "children": [],
  "sources": [
    {
      "id": "src-osc-vulcan-reelement-2025",
      "title": "Office of Strategic Capital Agrees to Joint $700M Conditional Loan Commitment with Vulcan Elements and ReElement Technologies",
      "publisher": "U.S. Department of War (Office of Strategic Capital)",
      "url": "https://www.war.gov/News/Releases/Release/Article/4339788/office-of-strategic-capital-agrees-to-joint-700m-conditional-loan-commitment-wi/",
      "language": "en",
      "datePublished": "2025-11-21",
      "dateAccessed": "2026-09-23",
      "sourceType": "official",
      "confidence": "primary",
      "notes": "Read in full in a browser on 2026-09-23 (war.gov returns HTTP 403 to automated clients). Source of the joint $700 million conditional loan commitment ($620 million to Vulcan Elements, $80 million to ReElement Technologies), the OBBBA funding source, the warrants, the Commerce CHIPS Program Office's preliminary non-binding letter of intent for $50 million in proposed incentives, the $50 million of Vulcan equity Commerce will receive, and the statement that no OSC funds are disbursed until the conditions are met."
    }
  ]
}