EVelution Energy has secured an $850 million off-take agreement with Mitsui & Co. to finance its cobalt processing facility through the EB-5 Immigrant Investor Program. This development aims to bolster American national and economic security by reducing reliance on foreign cobalt processing, particularly from China, which currently dominates over 75% of the global market.
Key Details:
- Agreement value: $850 million
- Partner: Mitsui & Co.
- Focus: Cobalt processing facility in the U.S.
- Objective: Enhance U.S. energy independence and economic security
This initiative is expected to significantly impact the U.S. energy sector by establishing a domestic cobalt supply chain, thereby contributing to national security and economic resilience.
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Source: Sergio Chavez-Moreno, JD, LL.M.