Evolution Metals & Technologies Corp. plans to triple electrical infrastructure capacity at its Pohang, South Korea facility to 750 megawatts, up from 130 MW, to support a significant expansion in rare earth magnet production.
The expansion, agreed in principal terms with Korea Electric Power Corporation, will see KEPCO fund approximately 90% of costs related to substation upgrades, cabling, and civil works. Evolution Metals retains a right of first refusal for any additional power capacity beyond the 750 MW allocation. Power availability is scheduled to align with facility expansion and equipment installation, with targeted completion by November.
The power increase supports a planned rise in rare earth magnet output from 1,000 tons to 10,000 tons annually by the end of 2026. To accommodate this growth, the company plans to acquire 1.3 million square feet of adjacent land from the Pohang City Government, expanding its facility footprint from 24,000 square feet to 482,000 square feet.
The expanded site will house rare earth permanent magnet manufacturing equipment, including machinery from ULVAC slated for delivery and installation in November 2026. Evolution Metals has also received conditional approval for approximately $20.7 million in grant funding from Pohang City and Gyeongbuk Province, pending completion of the property acquisition, to support construction and equipment procurement.
