Evolution Metals & Technologies Corp. (NASDAQ: EMAT) agreed in principle with Korea Electric Power Corporation (KEPCO) to expand electrical infrastructure at its Pohang, South Korea facility from 130 megawatts to 750 megawatts. The expansion, slated for November, will support a planned increase in rare earth magnet production from 1,000 tons to 10,000 tons by the end of 2026.
KEPCO is expected to fund roughly 90% of costs related to substation upgrades, cabling, and civil works for the expanded power contract. Evolution Metals retains a right of first refusal for any additional available capacity beyond the 750-megawatt allocation.
The company also plans to acquire 1.3 million square feet of adjacent land from Pohang City Government to expand its magnet manufacturing footprint. The facility will grow from 24,000 square feet to 482,000 square feet, with additional rare earth permanent magnet equipment, including machinery from ULVAC, scheduled for delivery and installation in November 2026.
Evolution Metals has received conditional approval for approximately $20.7 million in grant funding from Pohang City and Gyeongbuk Province, pending completion of the property acquisition. The grants are intended to support plant construction, production equipment purchases, and infrastructure development.
