Evolution Metals & Technologies Corp. (NASDAQ: EMAT) has finalized plans to expand its electrical capacity in Pohang, South Korea, to 750 megawatts from the previous 130 MW, effective November 2026.
The expansion includes the acquisition of approximately 120,773 square meters of adjacent land from Pohang City Hall, increasing the manufacturing plant area from 2,230 square meters to 44,780 square meters. KEPCO is expected to finance roughly 90% of costs related to substation upgrades, cabling, and civil works under the expanded power contract.
The additional capacity will support the installation of new equipment, including machinery from ULVAC, to produce over 10,000 metric tons annually of sintered and bonded rare earth permanent magnets. The project has received a conditional grant of $20.7 million from Pohang and Gyeongbuk Province, pending completion of the land acquisition.
Evolution Metals holds a right of first refusal for further power capacity beyond the 750 MW allocation.
