EVelution Energy Secures $850M for U.S. Cobalt Processing

Thu, 30 Apr 2026 00:00:00 +0000

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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EVelution Energy Secures $850M for U.S. Cobalt Processing