Evolution Metals & Technologies Corp. said it secured a power capacity increase to 750 megawatts from Korea Electric Power Corporation for its rare earth magnet plant in Pohang, South Korea. The expansion, part of a broader facility upgrade, will support a planned rise in production to 10,000 tons annually by December 2026, up from the current 1,000 tons.
The company also agreed to acquire 1.3 million square feet of adjacent land in Pohang with municipal backing, expanding its manufacturing footprint from 24,000 square feet to 482,000 square feet. ULVAC is scheduled to deliver and install machinery by November 2026, aligning with the energy infrastructure upgrades.
Korea Electric Power will fund roughly 90% of the substation, cabling, and civil works costs under the expanded contract. Evolution Metals retains a right of first refusal for any additional power capacity beyond the 750 MW allocation.
Conditional funding of approximately $20.7 million from Pohang and Gyeongbuk provincial authorities is pending finalization of the land acquisition. The upgrades position the facility to meet rising demand for rare earth magnets used in electric vehicle motors and other high-tech applications.
