Intermestic Capital announced today that its flagship Intermestic EB5 Fund II, LP will serve as the EB-5 fund sponsor for EVelution Energy, which is developing the first solar-powered, commercial-scale cobalt processing facility in the United States, located in Yuma, Arizona. This significant announcement coincides with EVelution Energy’s binding five-year offtake agreement with Mitsui & Co., valued at approximately $850 million.
Key Details:
- Project location: Yuma, Arizona
- Ofake agreement value: Approximately $850 million
- Fund sponsor: Intermestic EB5 Fund II, LP
- Project significance: Aims to reduce U.S. dependence on cobalt imports from China
This initiative is expected to create economic opportunities and enhance national security by establishing a domestic source for cobalt, a critical component in various technologies.
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Source: Marco Lopez